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Ecuador may default on US$200 mil. Brazil loan QUITO, Ecuador -- Ecuadorean President Rafael Correa threatened Wednesday to default on a more than US$200 million loan granted by a Brazilian development bank to build a hydroelectric plant in central Ecuador that had to be closed. Correa also sent Ecuadorean soldiers to occupy the plant and local offices of the Brazilian construction company that built it, Norberto Odebrecht. The loan from Brazil’s state-owned National Development Bank financed nearly three-quarters of the plant, which closed on June 6. Correa said the US$338 million plant was poorly constructed by Odebrecht and expelled the company from Ecuador on Tuesday, ordering its assets seized and prohibiting company executives from leaving the country. |
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