The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Sunday, February 04, 2007

Ecuador May End Contracts With Petrobras, Cell-Phone Companies

By Matthew Walter

Feb. 3 (Bloomberg) -- Ecuadorian President Rafael Correa said the government may nullify its contract with Petroleo Brasilero SA if it finds the company is violating an environmental agreement, and is reviewing its agreements with cellular-phone companies.

Correa is awaiting the result of an investigation into Petrobras's operations within a national park that is also occupied by indigenous people, to see if it's respecting its agreement with the government, Correa said today in a radio address, according to a statement on the president's Web site.

Correa also said cell-phone companies in Ecuador have a quasi-monopoly, and that the government is studying their contracts to determine if it will revoke or renegotiate them, according to the statement.

The newly elected president is pressing forward with a plan to implement more socialist political and economic policies.

He's threatened to pay only part of Ecuador's approximately $10 billion in foreign debt to free up funds for health care and education spending, and he's proposed a national referendum on whether the country's constitution should be rewritten.

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