Word: correa
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...Ecuador Still Driving on the Left Ecuadorians handily re-elected President Rafael Correa on April 26, endorsing his policies of "21st century socialism" and of blaming capitalism for the global economic crisis. Correa, who has refused to pay some foreign debts and has increased social programs for the poor, has plenty of company among regional leaders...
...Rafael Correa ECUADOR...
...Though Correa has cajoled oil companies to hand over a bigger share of revenue to the government and pressured banks to cut interest rates, Ecuador - unlike Venezuela and Bolivia - hasn't nationalized industries. Indeed, Correa does not shy from development that irks his presumed base of support. A workaholic micromanager who peppers his ministers with cell-phone calls, Correa backed new legislation designed to develop untouched deposits of gold and copper, angering indigenous groups and environmentalists. Communists rail against his introduction of testing of public-school teachers. "Correa isn't stupid," says analyst Margarita Andrade at Analytica Investments in Quito...
...election results to back him up. Correa polled 52%, according to early results, trouncing his seven rivals in the first round of voting, a first since democracy's return to the Andean country in 1979. His closest rival, former coup leader Lucio Gutiérrez, deposed as President four years ago, won 28%. Correa, 46, will probably enjoy a majority in the National Assembly, Ecuador's legislature. He was first elected in 2006 after promoting a new constitution to lead Ecuador out of the "long night of neoliberalism." Close to two-thirds of voters approved that new charter last September...
...hopes public schools and clinics will rival the quality of private institutions in eight to 10 years. He will "accelerate and deepen" the changes he started when he took office in January 2007, he said. More important, for business interests, the string of wins at the polls gives Correa no reason to shift to a more radical socialist position, says Latin America analyst Patrick Esteruelas at Eurasia Group in New York City. Instead, says Esteruelas, "Correa will enjoy greater flexibility to make some macroeconomic-policy adjustments to buttress liquidity and prevent a banking and currency crisis." The pragmatic Correa probably...