Ecuador has declared a moratorium on payment of the debt, within the context of the global financial crisis. A part of Ecuador’s external debt is owed to Brazil. Argentina is facing the most extraordinary situation: in spite of the economic growth of the recent years and the International Monetary Fund debt cancellation, Argentina is not in the position to suitably renegotiate its external debt yet, which is still very high. The solution is not only a technical-economic one, but, according to the economist, should be a political one. The Latin American countries are, mainly, commodity exporters, as their industrial system is practically absent, because the financial resources, needed to start an industrialization process, have been dried out by the national debt. During the 2000 Jubilee, the Catholic Church required the debt cancellation of developing countries and today is supporting the respect of human rights. A reorganization of economy is necessary.