Ecuador is set to complete the biggest ever debt-for-nature swap, freeing up cash for conservation of the Galapagos Islands, one of the world's most precious ecosystems, after Credit Suisse bought up three of its bonds.
A slump in Ecuador's bond prices triggered by an ongoing political crisis meant the Swiss Bank paid just $644 million for bonds with a face value of $1.6 billion, which will save the country roughly a billion dollars in repayments over 17 years.
