LONDON/QUITO — Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of $17.4 billion of its external bonds, with its largest group of creditors backing the proposal. Under the deal put forward - unchanged from the government's earlier proposal - 10 existing bonds maturing between 2022 and 2030 would be swapped for three bonds due in 2030, 2035 and 2040, as well as a past due interest bond maturing in 2030. This would provide debt relief of more than $10 billion over the next four years and $6 billion more between 2025-2030 as well as delivering a nominal haircut of 9%. "This restructuring, if it is accepted, will provide important relief to the country and will allow more resources to be destined to the management of the sanitary crisis and the reactivation and recovery of the economy," Ecuador’s finance ministry said in a statement on Monday.

Source: International New York Times July 20, 2020 14:26 UTC