Ecuadorian President Rafael Correa said Friday he will not pay interest on the nation's foreign debt and that he was prepared to accept any consequences. He said. "I could not permit the continued payment of a debt that, in any light, is immoral and illegitimate."
He said that though $7 billion has already been spent to pay an original debt of $4 billion, accrued during the 1980s, the principal remains about the same.
Correa said he was preparing a restructuring plan to be presented to creditors within a few days. The popular leftist economist said he would try to prove in international courts that the debt is illegal.