Word: ecuador
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...Graft in Ecuador...
Your issue of July 23 contains these words about Ecuador: ". . . looted for centuries by 'practical' rulers." Allow me to protest. You have been badly misinformed. Not a single president or dictator in my country has taken advantage of his position to enrich himself. Every one of them . . . has been an honest man. Dr. Velasco Ibarra, indeed, speaks frequently about graft from his predecessors as a political trick to impress the mob. It is one of his many low political tricks...
FEDERICO PÁEZ Former President of Ecuador Quito, Ecuador...
Years ago, Jose Maria Velasco Ibarra, now President of Ecuador, tried to learn accounting in a humble government job. His boss, according to an Ecuador legend, put him in charge of the petty-cash box. "Look," he said. "On this page, the credit side, write down everything that comes in. On the other page, the debit side, write everything that goes...
...Velasco, high-minded and still "impractical," is trying to revive his country, looted for centuries by "practical" rulers. But his view of financing has not changed. Recently, in dire need of money for vital public works, he noted the $6,500,000 which the Central Bank of Ecuador had earmarked to back the country's currency. "It's so simple," he was heard to say. "The money is there. No one is using it. Just take it from one book and put it in another...