Reuters wins rare interview with Equador president ahead of polls

Ecuador bureau won a rare interview with President Rafael Correa on April 22 just days before his re-election victory and shortly after his government announced a plan to buy back $3.2 billion in defaulted debt. Correa gave Reuters strong details on the debt plan, saying the government had funds to purchase the bonds, and he also made clear his government would not back away from his tough stance with foreign investors in the mining and energy industries even as the economy struggles. The tough-talking leader said his government already had the funds to buyback $3.2 billion in defaulted debt at a steep discount, but he hinted at negotiating room by saying he had more financing available if needed. He sounded more conciliatory when he told investors that they should take the government buyback offer and allow their relations to start from scratch. But he also took a tough line with oil companies whom he said must accept the terms for new contracts or face having their deals terminated. Debt holders have been hanging on for more details of the Ecuadorean buyback offer since Correa last year defaulted on the bonds saying the debt was illegal.