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.

Monday, April 27, 2009

FACTBOX: Ecuador's Correa on economy, debt, investors

(Reuters) - Following are some of the comments by Ecuadorean President Rafael Correa in an interview with Reuters in which he vowed to take a hard line with foreign investors if he wins re-election this weekend.


"Our estimate of growth is 2.5 percent (this year) and we see it in strategic sectors like roads, investment in hydroelectric plants -- most of all public investment."

"We believe the worst of the crisis has past, unless oil prices fall to dangerous levels again."


"It's not enough to inject resources, you have to force bankers to hand out credits and that is what we have done."

"We still need a law for financial institutions to increase (state) control. There are no banks in trouble."

"They know they need us and we know we need them so even if we don't like each other we have to get together and agree on some issues."


"A disorderly exit of the U.S. dollar would be chaotic for the country. People with debts in dollars would then earn in a local currency and never be able to pay their commitments. There would be great problems with inequality and a huge exit of capital."


"The goals is to retire all the 2012 and 2030 bonds from the market. Buy them back at a reasonable and fair price."

"This is all part of a strategy, we are not improvising and that's why we set aside funds in the budget and if more is needed we have identified sources of financing to help us."

"I tell them (bondholders) to take advantage of Ecuador's proposal so we can get out of this problem; forget about the debt problem. This is a very technical and fair proposal and hopefully we can buy back all of it and start from scratch."


"With the right contracts that (nationalization) will not be necessary. We need to be smart and make these foreign companies work for the country. We can do that with service contracts."


"We will have exactly the same position, absolute toughness to defend the interests of the country."

"They initially think we are playing, but quickly get into place when they see our firm and coherent position."

"The Ecuadorean state sets the rules here, not multinational companies."

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