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basic background: Ecuador is a member of OPEC
2013, Correa "sails to re-election on vows to deepen welfare reforms, but is it sustainable?, then Correa "ruling party" PAIS Alliance loses 2014-2019 local "Elections Heavily, Fears "Fascist Right" Destabilization"
2017, Correa affirms Assange's political asylum in Britain, while PAIS Alliance Lenín Moreno elected president (51%-49%) over "former-banker" Guillermo Lasso. Amid censorship, corruption and abandoned environmental promises Correa moves to Belgium.
2018, Correa, dragging 2012 kidnap charge, dodges extradition,"lawfare" protests
2019, Moreno inks $4.2 billion financing deal with IMF + "$6 billion in loans from multilateral institutions including the World Bank, the Inter-American Development Bank, and the CAF Andean development bank"
Moreno has begun to implement an austerity plan that includes layoffs of workers at state-owned companies and cuts to gasoline subsidies, also plans to find a private operator for state-run telecoms company CNT and other state-owned firms.

In his address, Moreno said most of the money would be dedicated to "social investment," citing a rising number of police officers and promising retirees they would not lose out on an annual bonus.

Skepticism of the IMF runs strong in Ecuador and throughout Latin America, where many blame Fund-imposed austerity policies for economic hardship.

End of fuel SUBSIDIES, 12 Oct 2019

The highland capital of Quito was rocked by a 10th day of clashes over Moreno's austerity plan, with the office of Ecuador's comptroller set on fire and access roads to Quito's airport blocked. TV channel Teleamazonas showed images of its own offices in flames and said its employees were unharmed.


Diversity is the key to economic and political evolution.
by Cat on Sun Oct 13th, 2019 at 06:01:23 PM EST
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