November 2004
Intermediate to advanced
250 pages
6h 49m
English
Content preview from Confessions of an Economic Hit ManBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 24Ecuador’s President Battles Big Oil
My work in Colombia and Panama gave me many opportunities to stay in touch with and to visit the first country to be my home away from home. Ecuador had suffered under a long line of dictators and right-wing oligarchies manipulated by U.S. political and commercial interests. In a way, the country was the quintessential banana republic, and the corporatocracy had made major inroads there.
The serious exploitation of oil in the Ecuadorian Amazon basin began in the late 1960s, and it resulted in a buying spree in which the small club of families who ran Ecuador played into the hands of the international banks. They saddled their country with huge amounts of debt, backed by the promise of oil revenues. ...
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