LatinNews Daily - 17 March 2023

* Ecuador’s political opposition has opened impeachment proceedings against President Guillermo Lasso. An impeachment petition accusing Lasso of crimes against public administration was yesterday presented to the national assembly by the left-wing Unión por la Esperanza (Unes) coalition, backed by the indigenous Pachakutik, the conservative Partido Social Cristiano (PSC), and the centre-left Izquierda Democrática (ID). The impeachment process must now be approved by the national assembly’s administrative council (CAL) and the constitutional court. If it clears these hurdles, impeaching Lasso would require the support of 92 of Ecuador’s 137 legislators – fewer than the number which recently voted to approve a report recommending his impeachment. Against this backdrop, Ecuador’s country risk, which measures the uncertainty associated with investing in a country, surged from 1,613 points on 12 March to 1,868 points on 15 March, according to the central bank (BCE).

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