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Normally, of course, bondholders don’t want borrowers to default — and Ecuador was hoping that this case would be no different. But rather than accept Ecuador’s deal, which treated different classes of bonds differently, and which was very vague, Helie and other bondholders decided that they would rather force the matter. They discovered that if they could organize 25% of the holders of the affected bonds, and get them to write a very specific letter to the bonds’ fiscal agent in New York, they could accelerate those bonds. Rather than just owing a single coupon payment, Ecuador would then owe the entire principal amount, plus all future coupon payments, immediately.
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Printemps now has 16 stores and employs about 4,000 staff.Its 2011/12 turnover rose 13 percent to 1.45 billion euros. ($1 = 0.7557 euros) (Reporting by Gerard Bon, Dominique Vidalon, Editing by JamesRegan and Elaine Hardcastle)
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Kenya has said as many as 15 militants took part in the raidand the authorities were holding nine of them. The governmentsaid five of the attackers were killed, but survivors say somemay have escaped.
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Butterfly-shaped Guadeloupe – the filming location for the popular TV series Death in Paradise – is the largest French West Indian island. It comes in two distinctive halves: flat Grande-Terre, with resorts and good beaches, and incongruously named Basse-Terre, with impressive rainforest, waterfalls and a towering volcano, all in a national park. Mountainous Martinique has a distinctive French/Creole culture and cuisine, and another volcano, whose eruption in 1902 destroyed St Pierre, the island’s fascinating former capital. Meanwhile, the main enticement of St Martin – the less commercialised and sophisticated half of an island shared with Dutch St Maarten – is its plethora of high-end restaurants and beaches.
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The civil war in Syria has put acute pressure on Iraq'sdelicate sectarian balance, which was already under strain frompower struggle between Sunnis, Shi'ites and ethnic Kurds, whorun their own affairs in the north.
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