So the guy Ecuador just reelected as President, Rafael Correa, doesn’t seem like the sharpest penny in barn. Here’s where things stand now:
While the 2008 default as well as new laws nationalizing the country’s oil reserves provided short-term economic gains for the president since he took office in 2007, the 49-year-old Correa, an ally of Venezuela’s Hugo Chavez, is now paying the cost with stagnant crude output and declines in private investment needed to boost growth.
Correa’s program moving forward? More of the same.
Meh. I shouldn’t point fingers. It’s not like we did any different or any better last November.