President Correa Says, "Ecuador Is Nobody's Colony"; Prepares "International Legal Action" Against World Bank

24 de abril de 2007

<body><div id="article"><tr><td height="28" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>President Correa Says, "Ecuador Is Nobody's Colony"; Prepares "International Legal Action" Against World Bank</h1><p>April 23 (EIRNS)--Ecuadoran President Rafael Correa announced on April 21 that not only is he going to expel the World Bank's representative from Ecuador, but that he is planning to take "the pertinent international legal action" against the World Bank for its attempted blackmail against the Ecuadorian government.</p><p>Correa's action refers to the World Bank reprisal in 2005, when the Bank withheld disbursement of $100 million in pre-approved credit to punish Ecuador over Correa's decision--as then finance minister--to reform Petroleum Fund legislation, thereby giving priority spending of oil revenues to social needs over debt repayment. Correa was ultimately fired by the Palacio government, under that blackmail pressure.</p><p>Said Correa in his April 21 radio address, "Ecuador is nobody's colony; it is a sovereign nation, and we will not tolerate blackmail from this international bureaucracy." He added that "The economic policies most applauded by the country's elite, by the bankers who have bankrupted us, by that infamous international bureaucracy, the IMF and World Bank, were the policies that destroyed the most jobs" in our country.</p></div></body>