Ecuador: Report States Public Debt is at Legal Limit of Gross Domestic Product

ecuavisa.com reported the Ministry of Finance published this Friday, April 21, 2017, the public debt bulletin closing to March this year.
The figures show that the balance of external debt is US $ 26.486 billion, while domestic debt increased to US $ 13.979 billion; Both amounts to 40,465 million dollars.
For the vice president of the Association of Economists of Pichincha, Víctor Hugo Albán, this means that the Ecuadorian public debt has already reached its legal limit of 40% of the Gross Domestic Product, which establishes the Public Finance Code.

THINKING OF MOVING TO ECUADOR – THIS IS ONE BOOK THAT IS A MUST READ

“In other words, it has surpassed the limit and this time, we are going back to the 80’s where foreign debt was contracted to pay foreign debt,” he said.
With him agrees the economic analyst Ramiro Crespo. “We are in 40% of the debt, but other than that there is debt that is not registered as we know, the debt to the Central Bank, which is close to 6,000 million,” he said. Read Article