...and "default" on their "debts," the bankers would be powerless. Correa has a good slogan: "Life before debt." Here's the story:
" GUAYAQUIL, Ecuador, Dec 12 (Reuters) - President Rafael Correa declared a default on Ecuador's foreign sovereign bonds on Friday, vowing to fight "monster" debt-holders in court in one of most aggressive moves against investors in the region for years.
Ecuador's dollar-denominated debt prices plunged on news of its second default in a decade and the first in Latin America since Argentina in 2002, although the decision was not expected to lead to similar moves around the region.
Correa, a U.S.-trained economist and ally of Venezuela's anti-U.S. President Hugo Chavez, refused to make a $31 million interest payment due on Monday on 2012 global bonds, saying the debt was contracted illegally by a previous administration.
"I gave the order not to pay the interest and to go into default," Correa said. "We know very well who we are up against -- real monsters.""
Correa is right--these "creditors" are monsters. Interest is nothing short of robbery, especially when it's supposed to be paid on fake money, which is what this "debt" is.