Given news that Ecuador has willfully defaulted on some 2012 bonds — it could have made the payment, but it chose not to — itâ€™s worth scanning the league tables of top sovereign default repeat offenders.
As you can see, with this bold move Ecuador has vaulted from a tie for third place with Venezuela to a solo hold on second place. This is going to get interesting. Over to you, Hugo.
Source: Serial Default and the â€œParadoxâ€ of Rich-to-Poor Capital Flows (2004), C. Reinhart and K. Rogoff