QUITO (Reuters) - Ecuador Monday said it was holding open the option of meeting an interest payment due on Monday on a dollar-denominated global bond maturing in 2015, but said it was steadfast in a decision to default on another bond, which matures in 2012.

On Friday, Correa declared Ecuador would not pay a $31 million interest payment due on Monday on the 2012 global bond,also dollar-denominated. A 30-day grace period expires Monday after on that payment initially due on Nov. 15.

Ecuador has about $10 billion in foreign debt, $3.8 billion of which are three global dollar-denominated bonds, including the bonds maturing in 2012>, and 2030 >.

On Friday, President Correa said that the country was defaulting on all its debt on global bonds and would seek a restructuring of the $3.8 billion in debt.

He cites as grounds for the default that debt was "illegal," meaning the government found irregularities in credits contracted by prior governments.

But on Saturday, Ricardo Patino, a top presidential adviser on the debt, said the leftist government was still determining its move on the 2015 bond.

And on Monday, Ecuador's finance minister told Reuters the government would announce its decision when suitable.

"I'm in close contact with the president and all statements about this case (of the 2015s payment) will be made at the appropriate time," she said in a brief telephone interview.

Ecuador's default is Latin America's first on sovereign bonds in six years and caused the country's debt prices to plunge, although the region's others credits were little affected because investors doubt other governments will follow suit.

Ecuador has a coupon payment -- also for $31 million -- due Monday on the 2015s, although the government has a 30-day grace period to make the payment should it choose to.

"If the government pays the 2015 bonds, then, I think, it shows they are completely lost," said Alberto Bernal, an analysts with Bulltick Capital Markets. "It shows they are erratic."

The 2012 and 2030 bonds differ from the 2015 bonds in some respects.

The first pair were issued in 2000 in exchange for $5.6 billion in dollar-denominated bonds on which Ecuador defaulted in 1999. The 2015 bond was issued in 2005.

Another difference resides in the perceived legality of the bonds, from the standpoint of an Ecuadorean debt audit commission.

The commission which rendered its report to the president in November said it found evidence of illegal irregularities in the 2012 and 2030 bonds, but the report did not mention the 2015 bonds.

The face value of the global bonds are $510 million for the 2012, $2.7 billion for the 2030 and $650 million of the 2015 bonds.

Ecuador plans for now to keep up payments on the rest of its foreign debt, which includes loans from multilateral banks and other countries.

Ecuadoreans scouring the country's press could be forgiven for being confused. Newspapers variously speculated the government on Monday would default on the 2015s or make the payment or use the grace period to decide whether to pay. (Editing by Walker Simon)