Word: parody
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...accept our responsibility having accepted the loans, but if we wanted to pay the debt now, [it would mean] that every Ecuadoran...will have to work two years of minimum wage to clear it," Parodi told approximately 100 people gathered in Starr Auditorium...
...Parodi, in a forum entitled "Latin America's Debt, Mixed Enterprises & Recovery," said that the bust in world oil prices earlier this decade has thrown Ecuador into a financial crisis, making it impossible for it to service its debt...
...expectations [for continued high oil prices] were very great among those who lended the money," Parodi said, pointing to the early 1980s trend among leading U.S. bankers to approve extravagant loans on the expectation of high payoffs...
...were wrong--those who lended and those who received, but there is a feeling that it is the fault of the borrowers," said Parodi, who was a top administrator in Ecuador's oil industry...
...Parodi, who spoke through a translator, said that while the Ecuadoran government wishes to repay all its loans, it cannot act "ignoring all other conditions, because paying back all debts involves hurting those in the country who are the most impoverished...