Ecuador's Correa gets grip on Congress after riots

[EFerrari]

Hugh Bronstein, Reuters
October 9, 2010, 4:57 am

QUITO (Reuters) - A violent police mutiny last week boosted Ecuadorean President Rafael Correa's popularity enough to break a deadlock in Congress and jump-start his legislative agenda with a bill aimed at tapping bank reserves.

Leftist Correa has been scrambling for financing since his government defaulted on its international bonds two years ago. Austerity measures backfired last week when police rioted over cuts to their bonuses and perks.

In its first session since the unrest, Congress late on Thursday granted initial passage to a measure that would allow an increase in government indebtedness and let banks use reserves to buy state-issued bonds.

Wall Street frowns on the bill, saying it could destabilize the banking sector and set the stage for more government spending, which was stable at about 23 percent of gross domestic product before Correa took office in 2007. It started to climb that year, reaching 40 percent in 2008 and 2009.

Lawmakers had been deadlocked over this and other government-sponsored proposals before the police riots, prompting talk that Correa might dissolve the legislature and rule by decree until new elections could be called.



http://nz.news.yahoo.com/a/-/world/8101090/ecuadors-correa-gets-grip-on-congress-after-riots/

[Downwinder]

1. The Junk bond and Toxic paper people are worrying about solvency?

Oh, thats right, they have to keep the government around to bail themselves out. Thats their private kitty.

[Peace Patriot]

2. "Wall Street frowns on the bill...". This is journalism? Nope, it's Rotters, regurgating

'Wall Street''s view of upstart countries that resist IMF/World bank (big investor) usury! --and that care about the poor and that serve the majority because that's what they were elected to do.

Wall Street "frowns on" Social Security. Frowned on it during the "New Deal." Frowns on it (wants to loot it) now.

Wall Street "frowns on" on Medicare. Frowned on it in the 1960s. Frowns on it now (and has pretty successfully looted it already).

Wall Street "frowns on" labor unions--decent wages, decent benefits, safe workplace laws, all workers' rights. Frowned on it throughout the labor struggles of the past. Favors outsourcing and slave labor now (and is winning that one as well).

Wall Street "frowns on" the "common good" in all respects: education, health care for the poor, fair taxation, labor rights, human rights, common public infrastructure, common public services. Their corporate moguls exploit the "common good" projects that workers and the middle class have funded and constructed, to create vastly wealthy and powerful transglobal entities with loyalty to NO ONE, then screw everybody over.

Wall Street SUCKS! And Rotters sucks on their behalf.

You can trust the statements in this Rotters hit piece on Ecuador about as much as you can trust the banksters who robbed us blind.

Not. At. All.

But just to point out ONE BIG LIE. Correa's popularity in Ecuador soared to 75% after the rightwing coup attempt. And it was a sizzling 65% before that. Rotters puts it at 58% and even that gives them shudders and cold sweats about school children getting books and old people getting flu shots and how much this is going to cut into "Wall Street"'s utterly ungodly profits. They can't even tell the truth on a simple fact.

http://incakolanews.blogspot.com/2010/10/correas-big-opinion-poll-boost.html
http://www.jurgenschuldt.com/2010/10/como-andan-las-cosas-por-el-ecuador.html