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AmericasNovember 1 2012

Ecuador's big banks bound by bureaucracy

Ecuador’s banks have undergone sweeping changes, as the Rafael Correa-led government seeks to redress the balance between lenders and their customers. Officials say the interventions are necessary, but with big banks hit the hardest, bankers are asking just how this regulation benefits the market.
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Ecuador's big banks bound by bureaucracy

Relations between Ecuador’s private banks and left-wing president Rafael Correa – who is widely expected to win a second term in office in next February’s election – are increasingly at odds.


When Mr Correa was elected president of Ecuador more than five years ago, the country’s banking system was weak and underdeveloped, largely as a result of the country’s banking crisis of 1998-99. The introduction of the US dollar as the official tender in 2000 restored macroeconomic stability to the country, but banks were again hit by the global financial crisis of 2008-2009. 

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