Ah, haven't heard this in a while, Ecuador defaults:
Ecuador is to default officially on billions of dollars of foreign debt it considers "illegitimate", says President Rafael Correa.
Mr Correa said he had given the order not to approve a debt interest payment due on Monday, describing the international lenders as "monsters".
The president said the some of Ecuador's $10bn debt was contracted illegally by a previous administration
Their debt is 1/5th of GDP and now the threat is they will be cut off from any foreign funds, investors.
40% of their revenue is oil (which is currently in the price tank).