h and Argentine capital. In 2008, Mr Correa defaulted on $3.2bn (£2bn) of foreign debt he described as illegitimate, calling the international lenders monsters. Ecuador is Latin America's fifth-biggest oil producer but World Bank estimates show that some 56% of the country's 13 http://www.longchampsoutlet.co.uk/ - longchamp outlet .4 million people live in poverty. That figure rises to more than 80% for indigenous Ecuadoreans, who are mainly small farmers in mountainous highlands.
The Chinese car maker Geely has signed a deal to buy Volvo from US car giant Ford for $1.8bn (£1 http://suprashoesuk2.webs.com/ - supra shoe sale .2bn).18Volvo has struggled to increase sales and has not made a profit since 2005 The agreement, which was first announced in December, is the biggest overseas purchase by a Chinese car manufacturer. Today represents a milestone for Geely http://suprashoesuk2.webs.com/ - supra shoes uk , the company's chairman Li Shufu said http://www.longchampsoutlet.co.uk/ - longchamps . Loss-making Volvo has been on the market since 2008, when Ford put it and several other brands up for sale. Jaguar and Land Rover in the UK have already been sold to India's Tata Motors. Ford hopes that the sale of Volvo will help it pay off its debts and focus on its core brands, following a dire period for the global car industry. The deal represents a loss for Ford, however http://suprashoesuk2.webs.com/ - supra uk , having bought Volvo in 1999 for $6.5bn. Geely, China's biggest independent car maker, has pledged to keep Volvo as a separate company with its headquarters remaining in Sweden.However, significant manufacturing is expected to take place in China, making Volvos for Chinese consumers. Analysts view the deal as a good one for Volvo, which has struggled to grow sales and has not made a profit since 2005. That is in contrast to the Chinese market it will now have access to, which overtook the US last year as the world's biggest car market. More than 13 million cars were sold in China last year - a rise of nearly 50% on the previous year. Geely says it expects annual sales in China to total 400,000 this year. Its international sales are tiny by comparison, however, and the company is expected to benefit from the foothold in the European marke
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