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. Last Updated: 07/27/2016

Creditors Ask for IMF

NEW YORK -- The International Monetary Fund is considering a demand by private creditors that the agency be involved in ongoing talks about how to restructure Ecuador's foreign debt, a senior IMF official said Thursday. "We're thinking about how to do that," said Stanley Fischer, the IMF's first deputy managing director, during an economics conference organized by Columbia University.

"If we can be helpful, of course we want to be helpful," he added.

After defaulting on $6 billion in so-called Brady bonds and some $500 million in Eurobonds, Ecuador is now in the midst of negotiating the restructuring of that debt with private creditors.

Angered by what they see as the unreasonable public sector demand that bondholders bear most of the burden of rescuing Ecuador's declining economy, private creditors last week requested that representatives of the IMF and other agencies be present at the next meeting scheduled for Dec. 9.