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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (73396)3/1/2001 8:30:38 AM
From: Box-By-The-Riviera™  Read Replies (3) of 436258
 
Smoke followed by fire?

NEW YORK, Feb 28 (Reuters) - Bank of America Corp. <BAC.N>
has sued the Central Bank of Ecuador for past due interest on
$5 million in sovereign debt, according to papers filed this
week in the United States District Court for Southern New York.
Bank of America said in its suit that Ecuador sold debt
with a principal value of about $5 million to an affiliate of
Merrill Lynch & Co. The bank said Merrill Lynch assigned it the
right to receive about $628,000 of interest to which it was
entitled as of June 6, 1988, but which Ecuador had failed to
pay.
Bank of America, whose lawyers declined to comment on the
suit, now claims that Ecuador still has not paid that interest,
or further accrued interest.
It said that it wants to receive that interest or,
alternatively, about $336,000 of bonds and about $213,500 of
other cash payments.
A representative of the Ecuadorean government and a Bank of
America spokesperson could not be immediately reached for
comment on the court action.
Ecuador in 1999 became the first country to default on
Brady bonds, debt that had been restructured in response to the
Latin American financial crisis of the 1980s. Ecuador
restructured about $6.5 billion in Brady and Eurobonds last
year.
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