see zero-sum game from what one side wins and other loses. In the economic world liberalism is good to one point when it harms others. From trade liberalization the one that wins are usually companies or international organization and from there prehaps some countries that how the things work in a globalized world. Now when few years have past Ecuador has elegantly managed to buy back a very large chunk of its debt at just 35 cents on the dollar. Old Ecuador hand Hans Humes, of Greylock Capital, summed up how spectacularly successful the Ecuador strategy was, calling it “one of the most elegant restructurings that I’ve seen” . Countires next clever step was to pay cash for its defaulted bonds, rather than trying to do a bond exchange (Salmon, 2009). Ecuador, country that is the first debtor with the ability to pay, disregarded that the external debt service as a percentage of Ecuador's government revenues used to be extremely high. Since the debt
1,605 m 9,775 sq mi 3,360 ft 109 0 _40 0 72.59" 17.76" Maryland 42nd Backbo ne Mtn. 25,316 sq km 1,024 m 7,838 sq mi 3,487 ft 21.76" Massachusett s 45th Mt. Greylock 10r -35 0 72. 19 " 20,300 sq km 1,063 m 56,809 sq mi 1,979 ft 112 0 _51 0 64 .01" 15.64" Michigan 22nd Mt. Arvon 147,135 sq km 603 m 79,617 sq mi 2,301 ft
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