November 17, 2008 6:55 PM

Ecuador's Correa May Burn Ally Hugo Chavez

Ecuador President Rafael Correa's looming default on $510 million of bonds may hurt his biggest ally, Venezuela President Hugo Chavez, more than anyone else. Chavez's government owns structured notes tied to Ecuador's bonds that would force Venezuela to pay $400 million if Correa doesn't make the payment, according to estimates by Barclays Capital Inc.

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