A special debt audit commission released a report charging that much of Ecuador's foreign debt was illegitimate or illegal.

The commission found that usurious interest rates were applied for many bonds and that past Ecuadorian governments illegally took other loans on.

Debt restructurings consistently forced Ecuador to take on more foreign debt to pay outstanding debt, and often at much higher interest rates.

The commission also charged that the U.S. Federal Reserve's late 1970's interest rate hikes constituted a "unilateral" increase in global rates, compounding Ecuador's indebtedness...

28/11 - Ecuador Declares Foreign Debt Illegitimate and Illegal