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Ecuador's president vows leftist push in new term
QUITO (Reuters) - President Rafael Correa starts a second term on Monday promising "21st century socialism" for Ecuador, but his clashes with investors may jeopardize trade and deter financing he needs to reverse an oil output slump.
Correa, a popular former economy minister, was re-elected in April for a four-year term under a new constitution that expanded presidential powers. The first re-election of a president since democracy was restored 30 years ago is a sign of stability in a nation where three presidents were toppled in the last decade.
| Or that the Chavez-style power-grab is on schedule, but don't expect Roooters to understand that ... |
But Correa will struggle with falling oil revenues, the mainstay of government's finances, and fallout from a foreign debt default that shut Ecuador out of international capital markets. He has benefited from constitutional reform that put the central bank under his control, empowered him to redistribute idle farmland and widened his authority over key sectors like mining and oil.
| Because only he's smart enough to handle all this. One couldn't possibly let the legislative branch or [gasp] the private sector make these things work ... |
Correa's heavy social spending and frequent outbursts against business elites, who he blames for the OPEC country's sharp divide between rich and poor, have helped consolidate popular support, pollsters say.
Posted by: Steve White 2009-08-12 |
