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History of the Ecuador

Ecuador history, sucres

This caused massive unrest as the lower classes struggled to convert their now useless sucres to U.S. dollars and lost wealth, while the upper classes (whose members already had their wealth invested in U.S. dollars) gained wealth in turn.

On January 21, 2000, during demonstrations in Quito by indigenous  groups, the military and

police refused to enforce public order

Demonstrators entered the National Assembly building and declared, in a move that resembled the coups d'etat endemic to Ecuadorian history, a three-person "junta" in charge of the country. Field-grade military officers declared their support for the concept.

During a night of confusion and failed negotiations President Mahuad was forced to flee the presidential palace for his own safety. Vice President Gustavo Noboa took charge by vice-presidential decree; Mahuad went on national television in the morning to endorse Noboa as his successor.

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