President Rafael Correa has announced Saturday that Ecuador will suspend oil production by Italy's Agip and reduce quotas for other companies to comply with new OPEC cuts. Correa said on Saturday that he has ordered Ecuador's oil minister to cut off all production by Agip, a sub... [More]

Chilean-based airline Lan, has been granted a two-year concession to operate domestic flights in Ecuador, according to Ecuadorian transportation officials. Lan's entry into the national market may also signal the beginning of international flights to Cuenca. The concession grants Lan rig... [More]

President Rafael Correa declared on Friday that Ecuador would not make a $30.6 million interest payment on $510 million in bonds due in 2012, calling the debt illegal. The default on the Global Bonus 2012 bonds means that Ecuador is also defaulting on Global 2015 and 2030 bonds. The default ... [More]