Ecuador plans to sell up to $1.3 billion in bonds, remember 2008?

Since Ecuador defaulted on global bonds in 2008, China is now the largest source of financing.
Online.wsj.com reported tht Ecuador’s Finance Ministry sold $15 million in 15-year domestic bonds Thursday, with an interest rate of 7.75%, traders at the country’s stock exchanges told Dow Jones Newswires. The bonds have a 10-year grace period and were sold to the country’s Social Security Institute of the Police, known as Isspol.
The sale is part of a package of up to $1.3 billion that the government of President Rafael Correa plans to sell to finance some projects for the 2013-14 period. Read Article