It’s not a big player on the global economic scene but I think people need to start paying attention to what is going on in Ecuador. President Correa is doing his best Bolivar impression and is once again threatening to default on foreign debt. Today, the World Bank representative in Ecuador was adiosed from his country and I’ll be watching to see how this plays out. Correa has expressed his intentions to free his country from foreign indebtedness and has taken steps to pay other obligations. Like his buddy Prez Chavez, Ecuador’s Correa is not a fan of the International Monetary Fund or its sister organization, the World Bank. Something about the promotion of free trade and limited government involvement in the economy disgusts these guys and the feeling is mutual. I hope Ecuador pays off their debt and the World Bank can move forward with countries that actually want their help. On the other hand, if there is a default, it will be interesting to analyze the credit default swaps and effect on emerging market debt.