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1998–1999 Ecuador Economic Crisis
The 1998–99 Ecuador economic crisis was a period of economic instability that resulted from a combined inflationary-currency crisis, financial crisis, fiscal crisis, and sovereign debt crisis. Severe inflation and devaluation of the sucre led to President Jamil Mahuad announcing on January 9, 2000 that the U.S. dollar would be adopted as the national currency. Poor economic conditions and subsequent protests against the government resulted in the 2000 Ecuadorian ''coup d’état'' in which Jamil Mahuad was forced to resign and was replaced by his Vice President, Gustavo Noboa. Background Throughout the 20th century, Ecuador was one of the poorer countries in Latin America, and had high rates of poverty and income inequality compared to other countries in the region. By the late 1990s around 45% of the population lived below the national poverty line, making them especially vulnerable. The discovery of oil in the 1960s led to rapid economic growth, but created an economy that w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ecuadorian Sucre
The Sucre () was the currency of Ecuador between 1884 and 2000. Its ISO code was ECS and it was subdivided into 10 ''decimos'' and 100 ''centavos''. The sucre was named after Latin American political leader Antonio José de Sucre. The currency was replaced by the United States dollar as a result of the 1998–99 financial crisis. History The Ecuadorian peso was renamed as the ''Sucre'' on 22 March 1884, and was then linked to the silver standard. The sucre was tied to 22.5 g of fine silver (equivalent to 5 LMU francs). Outdated coins were taken out of circulation between 1887 and 1892, with only the silver-backed coins remaining in circulation. The decline of the international price of silver during the 1890s prompted Ecuador to switch to the gold standard on 3 November 1898, with the sucre tied to 732.224 mg of fine gold (equivalent to 2 shillings sterling). The Sucre became inconvertible shortly after World War I began in 1914 due to international political ten ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fabián Alarcón
Fabián Ernesto Alarcón Rivera (born 14 April 1947) is an Ecuadorian former politician who served as the 40th president of Ecuador from 1997 to 1998. He previously served as the president of the National Congress from 1991 to 1992 and again from 1995 to 1997. When President Abdalá Bucaram was impeached on 6 February 1997, Alarcón, as president of the National Congress, became acting president. However, three days later on 9 February, Bucaram's vice president, Rosalía Arteaga, became president, causing a political crisis on who should succeed Bucaram. However, Alarcón became president again with support of Congress and the military, with Arteaga retaking her previous role as vice president. In 1998, Alarcón called for general elections to be held where he did not participate. He was succeeded by Jamil Mahuad. Alarcón was arrested on corruption charges in 1999, but was later released. Until Rafael Correa in 2013, no other Ecuadorian presidents would serve a full term ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of Ecuador
The economic history of Ecuador covers the development of Ecuador's economy throughout its history, beginning with colonization by the Spanish Empire, through independence and up to the 21st century. The Ecuador economy has historically and into the present been highly reliant on exports of primary resources. This has contributed to boom-and-bust cycles, as the economy fluctuates with shifts in resource prices. In the modern era, the Ecuador economy has been particularly affected by oil prices. Colonial Ecuador relied on agriculture rather than mining that dominated the capitals of the Viceroys of Peru and Nueva Granada. The temperate climate of the Sierra was ideal for crop cultivation and the Costa became a top producer of cash crops, with Ecuador being one of the leading producers of cacao. Ecuador's post-independence economy relied on a system of peonage by natives on lands of the plantation owners. The economy remained reliant on cash crops. It was subject to fluctuat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1999 In Economic History
1999 was designated as the International Year of Older Persons. Events January * January 1 – The euro currency is established and the European Central Bank assumes its full powers. * January 3 – The Mars Polar Lander is launched by NASA. * January 25 – The 6.2 1999 Colombia earthquake, Colombia earthquake hits western Colombia, killing at least 1,900 people. February * February 7 – Abdullah II of Jordan, Abdullah II inherits the throne of Jordan, following the death of his father King Hussein of Jordan, Hussein. * February 11 – Pluto moves along its eccentric orbit further from the Sun than Neptune. It had been nearer than Neptune since 1979, and will become again in 23rd century, 2231. * February 12 – U.S. President Bill Clinton is acquitted in Impeachment of Bill Clinton, impeachment proceedings in the United States Senate. * February 16 ** In Uzbekistan, an apparent 1999 Tashkent bombings, assassination attempt against President Isl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998 In Economic History
1998 was designated as the ''International Year of the Ocean''. Events January * January 6 – The ''Lunar Prospector'' spacecraft is launched into orbit around the Moon, and later finds evidence for Lunar water, frozen water, in soil in permanently shadowed craters near the Moon's poles. * January 11 – Over 100 people are killed in the Sidi-Hamed massacre in Algeria. * January 12 – Nineteen European nations agree to forbid human cloning. * January 17 – The ''Drudge Report'' breaks the story about U.S. President Bill Clinton's alleged affair with Monica Lewinsky, which will lead to the Impeachment of Bill Clinton, House of Representatives' impeachment of him. February * February 3 – Cavalese cable car disaster (1998), Cavalese cable car disaster: A United States military pilot causes the deaths of 20 people near Trento, Italy, when his low-flying EA-6B Prowler severs the cable of a cable-car. * February 4 – The 5.9 February 1998 Afghanistan earthquake, Afghani ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1999 In Ecuador
1999 was designated as the International Year of Older Persons. Events January * January 1 – The euro currency is established and the European Central Bank assumes its full powers. * January 3 – The Mars Polar Lander is launched by NASA. * January 25 – The 6.2 1999 Colombia earthquake, Colombia earthquake hits western Colombia, killing at least 1,900 people. February * February 7 – Abdullah II of Jordan, Abdullah II inherits the throne of Jordan, following the death of his father King Hussein of Jordan, Hussein. * February 11 – Pluto moves along its eccentric orbit further from the Sun than Neptune. It had been nearer than Neptune since 1979, and will become again in 23rd century, 2231. * February 12 – U.S. President Bill Clinton is acquitted in Impeachment of Bill Clinton, impeachment proceedings in the United States Senate. * February 16 ** In Uzbekistan, an apparent 1999 Tashkent bombings, assassination attempt against President Isl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998 In Ecuador
1998 was designated as the ''International Year of the Ocean''. Events January * January 6 – The ''Lunar Prospector'' spacecraft is launched into orbit around the Moon, and later finds evidence for frozen water, in soil in permanently shadowed craters near the Moon's poles. * January 11 – Over 100 people are killed in the Sidi-Hamed massacre in Algeria. * January 12 – Nineteen European nations agree to forbid human cloning. * January 17 – The ''Drudge Report'' breaks the story about U.S. President Bill Clinton's alleged affair with Monica Lewinsky, which will lead to the House of Representatives' impeachment of him. February * February 3 – Cavalese cable car disaster: A United States military pilot causes the deaths of 20 people near Trento, Italy, when his low-flying EA-6B Prowler severs the cable of a cable-car. * February 4 – The 5.9 Afghanistan earthquake shakes the Takhar Province with a maximum Mercalli intensity of VII (''Very strong''). With up t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banks Of Ecuador
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Ecuador
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of Ecuador's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017. The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. When Ecuador was part of OPEC, it was one of the smallest members and produced about 531,300 barrels per day of petroleum in 2017. It is the world's largest exporter of bananas ($3.38 billion in 2017) and a major exporter of shrimp ($3.06 billion in 2017). Exports of non-traditional products such as cut flowers ($846 million in 2017) and canned fish ($1.18 billion in 2017) have grown in recent years. In the past, Ecuador's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1998 Ecuadorian General Election
General elections were held in Ecuador on 31 May 1998, with a second round of the presidential elections on 12 July.Dieter Nohlen (2005) ''Elections in the Americas: A data handbook, Volume II'', p380 The result was a victory for Jamil Mahuad of the Popular Democracy (DP) party, who won the run-off with 51.2% of the vote. The DP alliance also emerged as the largest party in the National Congress, winning 32 of the 120 seats.Nohlen, p396 Background Following the 1996 general elections, President Abdalá Bucaram was removed from office by Congress nine months later on grounds of mental incapacity. Fabian Alarcon thereupon took his place as caretaker Head of State. Contestants The leading contestants of the six (including two women) vying for the presidency were Jamil Mahuad (DP), the mayor of Quito, and Álvaro Noboa (Ecuadorian Roldosist Party), a wealthy businessman. Campaign debates were marked by personal accusations of drug links and threatened lawsuits between the two rival ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abdalá Bucaram
Abdalá Jaime Bucaram Ortiz ( ; ; born 4 February 1952) is an Ecuadorian politician and lawyer who was the 38th president of Ecuador from 1996 until his removal from office in 1997. As president, Bucaram was nicknamed "El Loco Que Ama" ("The Madman Who Loves", a nickname he championed). Of Lebanese descent, Bucaram was born in Guayaquil and grew up playing sports where be became a gym teacher where he studied law in the University of Guayaquil. He later became the mayor of the town and began his political career. In 1988 and 1992, Bucaram unsuccessfully ran for president, having won in his third attempt in 1996. However, shortly after taking office, Bucaram was critized for his bad attitude towards the press. He was also involved in several cases which eroded public support. Bucaram was subsequently removed from office after being declared mentally unfit to rule by the National Congress on 6 February 1997. Fabián Alarcón, the president of the National Congress, became a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
