Today Ecuador became the first Latin American economy to be in default, following the global financial crisis that started in September.
The Andean country's risk shot up more than 4,000 points. The government of Rafael Correa says that they have the funds but do not want to pay as yet, since they are investigating "illegalities" in the contract for the debt that expires tomorrow.
The measures taken by Ecuador to increase the tariffs on 600 imported products has paralized shipments from the Colon Free Zone (ZLC).
Prensa.com reports on its website: "Members of the board of directors of the Association of Users of the ZLC confirmed that they are proceeding to request the help of Panamanian authorities to resolve the conflict.
The Government of Honduras is studying "what type of accord" they can offer Brazil; they have proposed a FTA with Peru and a Partial Reach Agreement with Ecuador.
Honduran vice-minister of Foreign Trade, Jaime Turcios, suggested that the agreement with Brazil could be made within the wider context of the Central American Integration System (SICA) and the Southern Common Market (Mercosur).
Starting from April the South American country will start implementing a timetable for elimination of the safeguard for balance of payments, reducing the current tariff levels from 15% to 10% and from 35% to 23.3%.
From a statement issued by the Ministry of Foreign Trade in Ecuador:
From April 2017 the schedule for dismantling of the safeguard measure will be implemented for balance of payments, reducing the current tariff levels from 15% to 10.0% and from 35% to 23.3%.In this regard, the reduction will apply to established customs declarations submitted from April 1, 2017.
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