Ecuador bondholders have Argentina’s Finance Secretary to thank for convincing President Rafael Correa to back away from his threat to default on $10 billion of debt. Ecuador’s dollar bonds have surged 19 percent this year, more than triple the increase for any other emerging market bond tracked by JPMorgan Chase & Co. The securities plunged 12.4 percent in 2006 as Correa said he would halt payments when he took office in January. Argentine Finance Secretary Sergio Chodos warned Ecuadorean officials in a private meeting on Jan. 27 that a default would damage the economy, according to a person who attended the session, whose details haven’t been disclosed by the government. Two days later, Ecuador’s Finance Minister Ricardo Patino said he wanted a ‘‘friendly negotiation’’ with investors. Correa pledged during his campaign that the country would follow the example set by Argentina when it defaulted on $95 billion in 2001. The Ecuadoreans ‘‘were shocked when they didn’t receive emotional support from Argentina,’’ said Alberto Ramos, an economist at Goldman Sachs Group Inc. in New York. ‘‘The debt load in Argentina was unsustainable. They needed relief. It’s completely different in the case of Ecuador.’’
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