Take physic, pomp

UBS is a bunch of know-nothings on Ecuador

The other day I said that UBS had been calling Mexico well. Unfortunately, UBS is as patchy on LatAm as the rest of them and just because they show a bit of smarts in one corner doesn’t mean they can be trusted in another. Take for example this report dated March 24th that starts…..

“Ecuador will announce a restructuring of its defaulted debt this week, UBS AG said.”

…… and compare it to this report dated March 28th that starts….

“Ecuador will unveil detailed plans on April 20 for restructuring its $3.2 billion in defaulted international debt, President Rafael Correa said.”

Moral of the story: Just because you wear a suit and get a monthly paycheck for following LatAm affairs it doesn’t mean you’re not a dumbass. But fear not, because in the end Jesus loves us all.

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