Today Ecuador formally defaulted on its 2012 bonds payment and FinMin Viteri also notified the world that they were defaulting on the 2015 bonds, too. Was the world shocked? Nope.
Right now the Global 2012 is printing 25.5c (on the dollar), the G2015 is at 24.5 and the G2030 is at 23.75. All those prices are above the panic sales of Friday afternoon when we saw 0.21 on the G12s at one point and they closed at 23c.
In other words, the world is hunkering down for the fight. Those that would take Correa&Co to court to claim full prepayment due to the lapse will buy these bonds at these prices, whilst those without the stomach for a drawn-out fight will sell, be done and move on.