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Ecuador starts to reinstate power after outage

01/19/09 23:48

Ecuador is now back in track to reinstate power in the country after a power outage hit 70 percent of the nation, including the oil-rich Amazon region.

It will be a long process, but the head of energy regulation of Ecuador said that they are already trying to do everything that they can to bring the energy back to the people as soon as possible.

News: UPDATE 1-Ecuador starts to reinstate power after outage | Markets | Bonds News | Reuters

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Partial Bond Buy-Back

Ecuador Government promised investor to pay their money back on the defaulted bonds but more likely to involve a large cut of about 70 percent.

Analysts warn the country to cautious with the move for if could have implications for other emerging Latin American countries like what happened in Iceland which stirred the emerging of neighbors last year after their banking system broke down. More details on the link below.

News: FT.com / UK - Ecuador vows partial bond buy-back

Train Derailment Injures 14 Children in Ecuador

Being a victim to an accident is everyone's worst fear but danger awaits in every corner and in every known possible venue without recognizing any age nor status. A recent accident near the Quito in Ecuador has injured fourteen children as a train was derailed. The train which is a part of Ecuador's tourism project and to promote Ecuador's century old railroads. See the rest of the story here:

News: Latin American Herald Tribune - 14 Children Injured in Ecuador Train Derailment

New Currency of Ecuador

Hoy - Quinto based newspaper recently reported that the central bank is drafting a new bill that would introduce a new currency in three years that would be used alongside of the U.S. dollar. Diego Borja, Economy Minister denies the existence of such draft and even called the report "imprecise and absurd". He also said that they're making measure to defend dollarization but not considering making a new currency

News: Bloomberg.com: Latin America