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12/19/08

Crisis? What Crisis? (Ecuador edition)

After using the urinal next to Alvaro Uribe, Correa explains all

A shiver went down my spine this afternoon when reading this article posted on 'The Presidency of Ecuador's' website. It's not the country, it's not the President himself; it's the continent. One of the classic signals of real financial problems down this way is when the head honcho of country X says "There's no problem with our banking system." This time country X happens to be Ecuador.

So here below are the direct quotes by President Studmuffin in the report today (in OttoTrans). For the Bloomberg version by Stephan Kueffner, click here

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Nobody here is talking about a bank holiday (i.e. forced closure of banks). This government doesn't do things like that."

(These are rumours from).."those that sunk the country and want to become powerful again. We are not going to let that happen. The citizen's revolution is irreversible, friends."

"The financial system is in excellent health. Of course the financial crisis is harsh, but we know how to move forward with imaginative measures."

"When you hear an economic pseudoanalyst or editorial say that measures have to be taken now, what they are telling us is to send us a "paquetazo" (ottonote: literally "big packet", a concept in LatAm meaning a combined package of price and/or tax hikes). There isn't going to be a paquetazo. We are going to take advantage of this crisis and use it to make the social and econonic system more equal."
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Now there are things to agree with there (e.g. the rumour mongers that want to start some kind of crisis for their own ends...that's for sure). There are things up for debate (e.g. a more equal socioeconomic system sounds like Utopia to me, esp with crude oil at $40/bbl). But I wish he hadn't gone and said "The financial system is in excellent health". Uff........there goes my spine, all shivery again.