Ecuador's President Correa was well-rewarded for his trip last week to China, but this could have grave impacts for the Amazon and the people who live there. On Wednesday, Beijing agreed to lend Ecuador$7.53 billion to help the heavily oil-dependent economy cope with the recent drop in global crude prices. This latest sum – the largest China has ever lent Ecuador – brings Chinese financing to Ecuador to nearly $25 billion, over a quarter of the nation's GDP. In 2013 Beijing provided 61% of Ecuador's external financing and purchased 83% of Ecuador's oil; this latest loan will undoubtedly bring both numbers much... Read more
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