Ecuador

The South American country’s refusal to make ‘immoral and illegitimate’ payments exposes an international financial architecture glitch. When the government of Ecuador failed to make a scheduled interest payment on private bonds today, it was hardly the first time a country had defaulted in the middle of a financial crisis. In fact, it wasn’t...
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(One of our objectives is to help non-specialist readers understand what they are reading in the news. Read Financial Crisis for Beginners.) We had a comment last week asking for an explanation of, roughly, what it is that the Federal Reserve does, so I thought that would be a good topic for a Beginners...
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