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.