Ecuadorean President Lenin Moreno on Monday officially scrapped his own law to c...
QUITO - Ecuadorean President Lenin Moreno on Monday officially scrapped his own law to cut expensive fuel subsidies after days of violent protests against the IMF-backed measure, returning fuel prices to prior levels until a new measure can be found.
The clashes marked the latest in a series of political convulsions sparked by IMF-backed reform plans in Latin America, where increased polarization between the right and left is causing widespread friction amid efforts to overhaul hidebound economies. Moreno gave in to the chief demand of demonstrators late on Sunday, tweeting on Monday that: “We have opted for peace.”
“This inevitably means a slower fiscal adjustment between now and the 2021 election,” Gavin added in an email. The protests had grown increasingly chaotic in recent days after the government launched a crackdown against what it labeled as extremists whom it said had infiltrated protests. Authorities reported that the office of the comptroller, a local TV station and military vehicles were set on fire.
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