Modal close

Dear Democracy Now! visitor,

You turn to Democracy Now! for ad-free news you can trust. Maybe you come for our daily headlines. Maybe you come for in-depth stories that expose corporate and government abuses of power. Democracy Now! brings you crucial reporting like our coverage from the front lines of the standoff at Standing Rock or news about the movements fighting for peace, racial and economic justice, immigrant rights and LGBTQ equality. We produce our daily news hour at a fraction of the budget of a commercial news operation—all without ads, government funding or corporate sponsorship. How is this possible? Only with your support. If every visitor to this site in December gave just $10 we could cover our basic operating costs for 2017. Pretty exciting, right? So, if you've been waiting to make your contribution to Democracy Now!, today is your day. It takes just a couple of minutes to make sure that Democracy Now! is there for you and everybody else in 2017.

Non-commercial news needs your support.

We rely on contributions from you, our viewers and listeners to do our work. If you visit us daily or weekly or even just once a month, now is a great time to make your monthly contribution.

Please do your part today.

Topics

Ecuadorian Economic Crisis

StoryMarch 12, 1999
Watch iconWatch Full Show

Ecuadorians today are bracing for tough economic measures designed by the government to bring the nation back from the brink of chaos, including fuel price hikes and freezes on many bank deposits. Banks remain closed today for the seventh day, after Ecuadorian President Jamil Mahuad this week declared a Bank Holiday to stem a massive run on bank deposits sparked by a large plunge in the currency’s value, known as the "sucre" (SOO-CRAY). The country’s oil and banana exporting economy has sunk into the worst crisis in 50 years amid a mix of bad weather and weak oil prices. Businesses and public transportation remain closed across Ecuador.

Gas-masked police dressed in grey fatigues and carrying teargas guns and soldiers with rifles have stood outside banks, gasoline stations and public buildings, since President Mahuad declared the 60-day national state of emergency. In protest of the new crisis, Indigenous communities this week blocked all major roads, including access roads in and out of Colombia.

Guests:

  • William Waters, Professor of Sociology at George Washington University who lived and taught in Ecuador for many years.
  • Diego Quiroga, Professor of Anthropology at the University of San Francisco in Quito, Ecuador.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.

Make a donation