March 25, 2009   Of all that is seen and unseen in Ecuador, president Correa’s criminal acts have ruined a small nation and bankrupted the citizens. Ecuadoreans have a stubborn habit of running away and hiding from their own truths. This is not only a civil abandonment of honor but is also a national sickness- a psychosis writ large of what so so so many pervert in their own homes. It is no longer honest to say that no Ecuadorean is aware that Correa has ruined Ecuador.

Bloomberg writes that Ecuador under Correa suffers, “…an estimated $4.2 billion budget deficit. Companies are reducing investment on concern the government may boost fuel prices and create new taxes…” 

The only issue that is true is that Correa has bankrupted Ecuador. Correa- who is a political ideologue and is no economist, has ruined this land. What is true is that he is no leader and he has no clue how to do anything but lie a lot. And he is a very good liar: just ask him. He spends millions and millions each year to lie some more. Of course most Ecuadoreans have come to be seen around the world as addicts to lying- always thinking of themselves and never the common good, fashioning their entire lives around selfishness, dishonesty and greed- even in their highly valuted so called Catholicism which is nothing but a thin veneer of private disgrace, never true to even the essentials of their faith because they believe that even Christianity can and must be manipulated to fit their selfishness. This can be corrected.

No doubt the state of Correa’s moral and fiscal bankruptcy will shock! Shock! Ecuadoreans. One and all habitually pretend that this could not possibly be true because….Lord help us- then they may have to adjust their adoration for this scum and actually get up and do something.

But Ecuador has a choice: face Correa’s 50 years of darkness under his adoration for the Cuban system of slavery or end your private addiction to manipulative living and stand up for rebuilding Ecuador. No one will do this for you… Certainly not Correa who has ruined Ecuador and revealed the citizens’ own national psychoses. If you want an end to psychotic breaks, stand up for building integrity….otherwise know that you enable Ecuadorean suicide.

That $4.2 billion in the hole that Correa reveals…is what Correa wants you to know. Nothing in Quito is honest and nothing is accountable and nothing is transparent. Ecuador has no rule of law. Ecuador has no honor- not any more. No one- no one at all- pledges to hand back Correa’s extortions- the money, the threats to end business and the control of all liberties. Correa gifted himself with the full power over all of life in Ecuador and the right to lie a lot in his 9-08 constitution which no one- no one at all- in Ecuador studied before approving that 500+ pages of liberty-ending garbage. The USA, for its part, assisted the Chavistas in delivering this massive swindle. The USA’s US AID liars helped prepare this horrifying Cuban-style end game. No Ecuadorean in general stood up to end this systemic fraud. Read your constitution and repeal it.
 

Ecuador Bond Sales to Slow as Bank Loans Pick Up, Noboa Says

March 25 (Bloomberg) -- Ecuador’s corporate bond sales growth will slow this year after doubling over the past two years as more companies turn to banks for financing, said Santiago Noboa, head of the country’s securities regulator.

Companies from Etica Empresa Turistica Internacional CA, a Galapagos Island cruise ship operator, to Chevrolet automobile dealership Imbauto SA will sell about $1.22 billion of bonds this year, up 5 percent from $1.16 billion in 2009, Noboa said. The bonds, which have an average maturity of 3.5 years, typically yield about 8.35 percent, while the average rate on a 90-day renewable loan is 9.2 percent, he said.

“There is a rivalry between the financial system” and the bond market, Noboa said in an interview in Quito. “Banks are beginning to lower their credit rates if the companies agree to not sell debt on the stock market.”

Bond sales are also slowing amid speculation the government will raise taxes to help plug an estimated $4.2 billion budget deficit. Companies are reducing investment on concern the government may boost fuel prices and create new taxes, according to a March 23 report by Quito-based think tank Quantum Informe.

The government, which defaulted on $3.2 billion of bonds in the past year and a half, has no plans to raise taxes to trim the deficit, Finance Minister Maria Elsa Viteri said in a March 22 interview.

The regulator has yet to approve Etica Empresa Turistica Internacional’s sale of $9 million of bonds due in 2020 and Imbauto’s $4 million issue of notes maturing in 2016.

‘Hesitant to Invest’

Ecuador is still adapting stock market regulations and property codes after President Rafael Correa pushed through a new constitution in 2008 that gives the government more control over the economy, Nathalie Cely, the country’s production minister, said in an interview.

Changes to rules governing who can invest in bonds, stocks and other financial instruments will likely be approved this year, Noboa said.

“Historically, the lack of a fixed legal structure and the possibility of social upheaval means that people are hesitant to invest,” Noboa said. “There is liquidity. The challenge now is to increase the offerings in the country’s market.”
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We at ECrisis ask: what in God’s name is sane about a fake democracy with no accountability running stock bets and selling jiggered bonds? That is not a stock market: this is brazen, shameful money laundering and built-in graft for cartel actors and global criminals. It is past time for the USA to denounce this scourge for what it is: a criminal scam based on Ecuadorean fraud to enrich Correa’s deviant backers and hackers.

-Pedro Camargo for ECrisis