Ecuador tries novel balance of oil and environment

Government officials say Norway, a group of Italian lawmakers and even one undisclosed oil company have inquired about the plan.

"It sounds ridiculous, but when you compare that money with Ecuador's foreign debt its actually a small quantity," said Matt Finer a scientist with U.S.-based environmental coalition Save America's Forests. "Rich nations have to chip in."

The Yasuni is home to species ranging from endangered white-bellied spider monkeys to rare jaguars that live alongside indigenous groups that live isolated from the outside world and still hunt with spears and blowguns.

Correa, a close ally of Venezuelan leftist President Hugo Chavez, has startled Wall Street by threatening not to pay Ecuador's $10.3 billion foreign debt. He is embroiled in a power struggle with Congress and opposition lawmakers who say he is scaring off oil investment.

He also openly backs a $6 billion lawsuit filed by indigenous groups who accuse U.S. based Chevron of polluting a large swath of the Ecuadorean Amazon.

DOUBTS ABOUND

The proposal's detractors say Ecuador cannot ensure the park's sanctity given political turmoil that has at times halted oil operations and has made Correa the eighth president in 10 years.

"Correa is asking the international community to dive in to see if there is water in the pool," said Daniel Erikson, an analyst with the Inter-American Dialogue, a Washington-based think tank.

Correa has said Ecuador will begin oil development next year if the government cannot secure the funds by then.

Even if Ecuador can promise to halt the contamination of multinational oil behemoths, it may struggle to control an equally serious contamination threat to Yasuni -- migrants already setting up farms and shantytown dwellings there.