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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Ecuador leader: Negotiating with China like pulling teeth AFP - Sunday, December 6 Send IM Story Print Ecuador leader: Negotiating with China like pulling teeth QUITO (AFP) - – Negotiating with China is "worse than the IMF," Ecuadorean President Rafael Correa said Saturday after rejecting China's conditions for a 1.7-billion-dollar loan to build a hydroelectric plant. In his weekly report on government activities, Correa said some of the conditions China's Eximbank required for the loan were "really a threat against our sovereignty." "All of a sudden, negotiating with China is worse than the IMF" (International Monetary Fund), he added. The leftist leader's comments came after both countries signed 4.7 billion dollars' worth of cooperation agreements last month during a visit here by Jia Qinglin, chairman of the National Committee of the Chinese People's Political Consultative Conference. The loan Correa railed about concerned an agreement with China's Sinohydro company to build a 1.97-billion-dollar hydroelectric plant in Ecuador, for which he is seeking 85 percent financing from Eximbank. Correa had already complained Tuesday about Eximbank's demand that Ecuador's Central Bank "put its assets up as collateral" for the loan, which he deemed "outrageous." If Eximbank did not change its loan conditions, he warned that Ecuador would rethink its China policy. On Thursday, Finance Minister Elsa Viteri said negotiations on the hydroelectric plant were continuing and that she had forwarded Eximbank the loan conditions Ecuador was willing to accept for the loan. Correa earlier this year complained about the stringent conditions the IMF imposed in exchange for loans, and called for a regional Latin American monetary system in order to "become the owners of our own destinies." The cooperation agreements signed last week included a 1.4-million-dollar donation and two lines of credit: one for 2.9 million dollars payable within 10 years and another for 438 million to buy four Chinese military planes for Ecuador's air force. The two countries also signed a joint oil exploration venture in Ecuador's eastern Pastaza province. Beijing's direct investment in Ecuador has reached 2.2 billion dollars, making it one of the top targets of Chinese investment in Latin America, Qinglin told reporters at the close of his visit. Trade between the two countries reached 2.4 billion dollars in 2008, a 50 percent increase from the previous year, he said. Recommend Send IM Story Print Related Articles Oman's Bank Sohar has $4.3 mln exposure to Nakheel Reuters - 1 hour 5 minutes ago TEPCO to invest Y300 bln in Aus LNG project -Nikkei Reuters - 1 hour 31 minutes ago MIDEAST STOCKS-Dubai rebounds for 1st time since debt crisis Reuters - 1 hour 37 minutes ago Mideast stocks - Factors to watch - Dec 6 Reuters - 1 hour 38 minutes ago National Bank of Oman has $23 mln Dubai exposure Reuters - 2 hours 12 minutes ago News Search Top Stories German firms complain of tight credit, intrusive banks Hundreds protest New York 9/11 trial Saudi hails 'perfect' oil price, stable market European protests demand tough climate deal Obama vows to help America's unemployed More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Saudi investors shrug off Dubai debt crisis Hundreds protest New York 9/11 trial Saudi hails 'perfect' oil price, stable market Woods in marriage therapy after admitting 'sins' OPEC should maintain output: Arab oil ministers More Most Viewed » Global stocks mixed amid Dubai debt crisis Tiny magnetic discs could kill cancer cells: study Alcohol helps cut heart disease risk for men: study Mankind using Earth's resources at alarming rate Dubai blackout over debt plans to hit Gulf markets More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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