Ecuador today is again governed by the bankers, who already in 1999, caused an economic collapse, thanks to a constitution created by them, which allowed them to self-lend money from depositors, money that was used to create a speculative wave of the dollar, that allowed them to buy dollars on the street to raise the price, then take it out to tax havens, until the government devalues the sucre, which was the national currency, and reintroduce it to the country, to give the false image of economic recovery.
In each devaluation, wages fell, and the government withdrew dollars from the monetary reserve, collected from exports, especially oil, to meet demand and prevent its rise, once the dollar fell in price again, the bankers returned to buying dollars, forcing its price to rise again, and repeated the operation.
They also invested or lent money to those who made shrimp farms, to export the shrimp, an industry that produced more profits per hectare than a hectare of coca, but the white spot plague reached the shrimp farms that went bankrupt. That meant a debacle for the banks.
To this was added that the sucre ceased to be a reliable currency for Ecuadorians, who ate breakfast, ate, and bought with a different price from one day to the next.
Due to this price instability, many Ecuadorians left the country to go to work in countries where they could earn in dollars or euros.
Finally, the central bank ran out of monetary reserves, it could not manufacture or support the sucre anymore. Jamin Mahuad and his super minister of economy Guillermo Lasso, now president of Ecuador, opted for dollarization.
The dollar became the national currency but was quoted at 25,000 sucres per dollar, with which the deposits and savings of Ecuadorians disappeared. Well, it rose in one year from 5,000 sucres to 25,000 sucres per dollar.
The value of salaries and the purchasing power of the population also disappeared, the value of retirement pensions, those who had debts in sucres were saved but those who had debts in dollars, which was how the banks preferred to lend money, were dead.
This produced a massive emigration of Ecuadorians, especially to Spain, Italy, and the United States, from where they sent the remittances that saved the national economy and became the second source of foreign exchange earnings after oil, surpassing bananas and other exports.
The crisis called Banking Holiday forced to change the constitution of 1998, a new constitution was created in 2008, where the bankers had to deposit part of their profits in a guarantee fund so that if speculation reappeared and all the people wanted to get their money out of the banks, they could respond, in addition, laws were created to sanction the media and people who created panic among depositors, pointing out that the banks were bankrupt because they did not return all the money in their accounts.
The financial panic was created by a war between bankers who offered up to 180 percent interest on the money that people deposited, and then could not comply with, which was the origin of a pyramid effect that ended with the largest banks in the country. , and the escape of the bankers, who escaped with a lot of money from their clients. The majority, like the Isaías brothers, owners of two TV channels and 700 radio stations, hid in MIAMI. u USA that protects them until now, only one Aspiazu from Banco del Progreso and from the oldest newspaper in the country, El Telégrafo, did not escape.
But during the governments of Lucio Gutierrez, Rafael Correa, and Lenin Moreno, the bankers once again became the owners of the country, thanks to high-interest rates, defaults, and court costs. Guillermo Lasso, the owner of the Bank of Guayaquil, bought a lot of money-back guarantees from the creditors of the bankrupt bank, at a very low price and through money laundering, or tax evasion in tax havens, where they have banks and companies. He became the richest man in the country.
Today the bankers with Guillermo Lasso at the head have once again become the biggest exploiters of the Ecuadorians, with interests over 16 percent, defaults, and legal costs to the debtors to whom they granted credits. The business of bankers in Ecuador is high interest, and above all, charging debtors, a business that is also carried out by sellers of cars or electrical appliances, and machinery.
This abuse, and pressure on a population hit by the pandemic and the economic crisis, allows bankers exponential profits.
The rise in fuel prices, fertilizers, unemployment, massive bankruptcy, and bankers has generated a protest in Ecuador that has been going on for 12 days and has complicated the economic, political, and social panorama of the country.
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