Weekly Report - 22 November 2012 (WR-12-46)

Economically highly questionable, politically it was a masterstroke. With less than three months to go until presidential elections, President Rafael Correa has pushed through the national assembly a bill forcing banks to fund an increase in the human development bond (BDH), a cash transfer scheme benefiting the poor. Most opposition parties had to support Correa’s Alianza País (AP) for fear of receiving a drubbing at the polls if seen to be “defending” the banking sector over the poorest sectors of society.

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