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Weekly Report - 23 April 2009 (WR-09-16)

ECUADOR: Correa presents debt-restructuring plan

President Rafael Correa presented his government's plan for restructuring Ecuador's external debt on 20 April - six days before general elections. The plan had been in the pipeline for months suggesting the timing of the presentation was designed to harness public hostility to bankers and the international financial system, and to ensure that any external financial difficulties suffered as a result of it occur after the elections. Correa is on course to secure re-election comfortably. A poll published by Santiago Pérez (outside of Ecuador to comply with electoral law) gave Correa 50% support and a 34 point lead over his closest rival, former president Lucio Gutiérrez.

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