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The sagging price of oil is sweet for drivers...but sour for petrol dependent social programs.
That's why President Correa is asking for a $515 million loan from the Latin American Reserve Fund.
If approved...Quito will pay between 3.6% - 4% over the 3-month Libor rate.
Correa hopes to avoid another liquidity crisis...like 2008-09...when Ecuador defaulted on $3.2 billion in loans.
Oil accounts for 41% of Quito's revenues.
It may also seek help from China.
