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Ecuador Republic history
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Due to the economic pressure of war and
over-reliance in commodity (particularly oil) exporting for
its economic needs, the government of Osvaldo Hurtado faced a
chronic economic crisis in 1982, including inflation, budget
deficits, a falling currency, mounting debt service, and
uncompetitive industries.
The 1984 presidential elections were narrowly won by Leon Febres Cordero Rivadeneira of the PSC.
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During the first years of his
administration, Febres Cordero introduced free-market economic
policies, took strong stands against drug trafficking and
terrorism, and pursued close relations with the United States.
His tenure was marred by bitter wrangling with other branches
of government and his own brief kidnapping by elements of the
military.
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A devastating earthquake in March 1987 interrupted oil exports
and worsened the country's economic problems.
 Rodrigo Borja Cevallos of the Democratic Left (ID) party
won the presidency in 1988 running in the runoff election
against Abdala Bucaram of the PRE. His government was
committed to improving human rights protection and
carried out some reforms, notably an opening of Ecuador to
foreign trade. |
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The Borja government concluded an accord leading to the
disbanding of the small terrorist group, "¡Alfaro Vive, Carajo!".
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Are there
banks in the Galapagos Islands?
What's
the best time of year to travel to Galapagos? |
