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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. [1] 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 ...
Ecuador's monetary unit, the peso, was renamed Sucre (decree of March 22, 1884, effective April 1), equal to 22.500 g fine silver. The Sucre was named after the Latin American revolutionary Antonio José de Sucre. The 1884 monetary law permitted free circulation of gold coin of France, Italy, Belgium, Switzerland, Colombia, Peru, and the United ...
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 fluctuations corresponding with the international market, and instability was common. By the 1950s bananas had replaced cocoa beans as Ecuador's main export crop.
The Sucre (Spanish pronunciation:) 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.
Ecuador has been trying to sign a free-trade agreement with the United States for years, with no luck, asks Andres Oppenheimer | Opinion
Guyaquil, considered Ecuador's most dangerous city, registered 1,390 violent deaths in the first half of this year, nearly as many as it tallied in all of 2022, and close to half of the 3,500 ...
The Organization of American States, the largest multilateral body in the hemisphere, has come out against Ecuador’s actions and will hold an emergency meeting among its Permanent Council to ...
In March 2019, Ecuador withdrew from Union of South American Nations. Ecuador was an original member of the block, founded by left-wing governments in Latin America and the Caribbean in 2008. Ecuador also asked UNASUR to return the headquarters building of the organization, based in its capital city, Quito. [40]