Ecuadors Rubber Checks

Ecuador defaulted on its debt for the second time in less than 10 years.

President Rafael Correa, who earned his Master of Science in Economics and his Ph.D. in Economics at the University of Ilinois said, "If we have to face international litigation due to this, we will."

Correa, after smoking his morning banana peel, gave an order to not make a $31 million interest payment, due on Monday, on 2012 global bonds, saying the debt was illegal.

Investors who helped finance the country's economy by buying government debt will now take Correa's middle finger as payment.

As an OPEC member, Ecuador will most likely tap Iran and Venezuela for funding. I assume they're not liking the taste of $40 crude, although lower energy prices probably help their banana exports.