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.

Tuesday, January 12, 2010

Ecuador Favors Workers' Property

QUITO - The Ecuadorian government this week fosters the program for democratization of opportunities known as "Cree Ecuador," through which part of stocks seized to bankers who went bankrupt are sold to its workers or citizens.

President Rafael Correa said that it the firms are strategic, the State will then have 51 percent of stocks, and the community or workers the remaining 49 percent. If not, the main partner will own 51 percent, and the community or workers the other 49.

After ten years of the bank crisis, the Deposit Guarantee Agency (AGD), created when the State assumed the million debts and seized properties of bankrupt banks, will close this year, and its assets will go to the Finance Ministry.

"We will wait until December 31 to put an end to the bank crisis nightmare," Correa said after praising the AGD last administration.

In parallel, it is intended to democratize the private property, not eliminate it, so that "we are all owners and not just a few", Correa affirmed.

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