Around the World's Markets: Quito

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ECUADOR debt plunged in value after the government unexpectedly declared a bank holiday to relieve pressure on its financial system. None of the country's 39 banks - which saw heavy withdrawals on Friday - were open to the public.

The currency, the sucre, hit a new low last week amid renewed fears of debt default. Rumours also persist that the government is planning to confiscate all foreign currency in bank accounts, but this has been denied.