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).
Flowers, cocoa, white goods, articles of clothing, footwear, plastic and nectars are among the goods included in the agreement.
From a statement issued by the Ministry of Economy of El Salvador:
The governments of El Salvador and Ecuador concluded on Friday September 2 negotiations for a Partial Agreement of Economic Complementation between the two nations, a document was signed for the initiation of legal proceedings for its subsequent entry into force.
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