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To: Les H who wrote (26861)	9/23/1999 4:35:00 PM
From: Les H	Read Replies (4) \| Respond to of 99985

Microsoft Pres. Calls Tech Stock Values 'Absurd' biz.yahoo.com

To: Les H who wrote (26861)	9/23/1999 4:47:00 PM
From: Les H	Respond to of 99985

Ecuador safeguards international accounts from seizure by creditors 08:29 p.m Sep 22, 1999 Eastern QUITO, Ecuador, Sept 22 (Reuters) - Ecuador, having warned it might not make debt payments, on Wednesday said it had begun to safeguard foreign currency and bank accounts from possible seizure by lenders. The action came after the nation's finance minister said in an interview published Wednesday that the nation was considering missing a $94 million interest payment, due Sept. 28, on Brady bond debt. ``We are working with our government's lawyers abroad to take precautionary measures necessary in the event that a default were the option taken,' Finance Minister Alfredo Arizaga told reporters. On Tuesday, Ecuador said it planned to buy back $2.6 billion in its Past Due Interest (PDI) Brady bonds using future oil revenues. Brady bonds, developed in response to the Latin American debt crisis of the 1980s, are named after their creator, Nicholas Brady, who was U.S. Treasury secretary from 1988 until 1993. The bonds are denominated in U.S. dollars and collateralized by U.S. Treasury zero-coupon bonds. Ecuador's Brady bonds are the result of a previous debt restructuring in 1994. Ecuador jolted world markets at the end of August when it delayed a $94 million interest payment on Brady debt, which makes up almost half of its total $13.3 billion in public debt. Ecuador said the Brady debt had become an impossible burden and it hoped to restructure it. The Andean nation of 12.2 million people has had to cope in the last two years with depressed prices of bananas and oil, its top two exports, and fierce El Nino storms in 1998 that left massive and still-unrepaired damage. Inflation is at about 60 percent.