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Ecuador provides an example of a government which officially decided to investigate the process of indebtedness so as to identify illegitimate debt and suspend its repayment. The fact that the government suspended payment of a large part of its commercial debt, only to buy it back at a lower price, showed that it meant to go beyond mere denunciation. Indeed it undertook the unilateral restructuring of part of its external debt and thus won a moral victory over its private creditors, which were mainly banks. In 2007 at the beginning of Rafael Correa’s presidency, the government of Ecuador clashed with the World Bank. In this series of three articles, we began in Part 1 by analyzing the loans granted by the World Bank and the IMF. In this second part, we shall recount the government’s actions mainly regarding the debt audit and the resulting suspension of payment.

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