Dear China.......Word from Ecuador today is that FinMin Viteri has rejected terms for the Chinese financing of the country's major hydroelectricity projects. Reuters via El Comercio states that due to "differences in the credit conditions" required by either side, the near U$2Bn project is now without the proposed funding from China's Eximbank (in effect just another front for the State itself). Apparently, after eight months of negotiations,Ecuador has rejected the deal on the table due to overly strong demands from the Chinese. In the words of Viteri herself:
Ecuador also said that the tendering process will now be re-opened. All strong stuff. Funny how this newly found Ecuadorian backbone coincides with the strength in oil prices, innit?
"They (Eximbank) have asked for conditions that no country has ever asked of us....We are not going the cede our sovereignty and we are not going to give in to Chinese ill-treatment, as the intention was to have a different type of relationship".
Ecuador also said that the tendering process will now be re-opened. All strong stuff. Funny how this newly found Ecuadorian backbone coincides with the strength in oil prices, innit?