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.

Thursday, April 09, 2009

FACTBOX-Ecuador's Correa challenges foreign interests

April 7 (Reuters) - Ecuador's planned lawsuit against Brazilian builder Odebrecht, alleging faulty construction of a hydroelectric plant, is the latest move against foreign interests by President Rafael Correa ahead of the April 26 general election.

Since taking office in 2007, Correa has remained widely popular, in part because of his tough stance against foreign investors he accuses of pillaging the OPEC nation's wealth.

Some of Correa's actions against foreign governments and investors:

* In February Correa expelled two U.S. Embassy officials after accusing them of interfering in his country's affairs.

* In December Correa refused to repay $3.2 billion in foreign debt over charges the bonds were linked to corrupt former officials and that their terms were unfair. He has often threatened to default on Ecuador's global bonds.

* In November Brazil briefly recalled its ambassador after Ecuador filed suit to stop payments on a Brazilian loan on charges it was acquired illegally. Correa later said payments would continue until a court decided on the legitimacy of the debt, which he says is unfair to his poor nation.

* In September, Correa kicked out Odebrecht and sent troops to seize its projects in Ecuador in a contract dispute.

* In 2007, Correa imposed a windfall tax hike, seizing nearly all of the extra revenue oil companies generate above a benchmark price for each barrel they extract. The move sparked a rash of international lawsuits as companies charged the measure violated their contracts.

No comments:

Post a Comment