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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (74244)	1/21/2000 11:31:00 PM
From: Don Lloyd	Respond to of 132070

[[adios ecuador]] news.excite.com "QUITO, Ecuador (AP) - Thousands of protesters surrounded Ecuador's national palace on Friday night, hours after a rebellion led by Indians and backed by the military forced Ecuador's unpopular president to flee..." "...Last year, inflation reached 60 percent, the highest in Latin America, and only one in three in the labor force has full-time work..." "...The Indians appointed a new governing council, made up of an Indian, an army colonel and a former Supreme Court chief..." A new National Constitution is being prepared by Gilbert and Sullivan. "...The protesters are also upset about Mahuad's plans to scrap Ecuador's currency for the dollar. In becoming the first South American country seeking to adopt the greenback, Ecuador was hoping to curb inflation and borrow money at lower, U.S. interest rates, thereby shoring up its battered image with foreign investors. Critics contended that Mahuad's decision to establish the conversion rate at 25,000 sucres to the dollar would have devastating repercussions for the thousands of Ecuadoreans whose savings are in sucres. A year ago, the sucre was valued at 7,000 to the dollar..." It seems unlikely that anyone will be worrying about a conversion rate of 25,000 sucres to the dollar anytime soon. -ng- Regards, Don