Search results
Results from the WOW.Com Content Network
Ecuador's decision to adopt the US dollar as its official currency originated with bank bailouts by the government, devaluation of its currency, and the government's fiscal deficit in 1999. Later that year, the government defaulting on paying all of a $98 million interest payment on bonds .
Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo Montenegro Kiribati Nauru Tuvalu; Currency board (11) Djibouti Hong Kong ; ECCU Antigua and Barbuda Dominica Grenada Saint Kitts and Nevis Saint Lucia
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 incumbent banks were vociferous in calling out the possibility of an evolution of DE into a sovereign currency (Asobanca n.d.), which implied a de facto de-dollarization that would bring inflation and instability to the Ecuadorian economy.
QUITO (Reuters) - The IMF on Thursday said its executive board completed the first review of an extended fund facility for Ecuador, allowing for an immediate disbursement of around $500 million.
Ecuador has been trying to sign a free-trade agreement with the United States for years, with no luck, asks Andres Oppenheimer | Opinion
For premium support please call: 800-290-4726 more ways to reach us
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 ...