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Latin America

COLGATE4

(14,886 posts)

2. Beginnings of 'Venezuelization' in Ecuador.

Reply to Judi Lynn (Original post)

Fri Aug 29, 2014, 09:14 AM

Aug 2014

So much for Correa's economic 'miracle' formula:

Step 1 - Repudiate debt
Step 2- Finance government spending by borrowing against country's national resources - oil, gold
Step 3- Issue a "new" parallel currency, ostensibly only for limited use
Step 4- Make the use of new currency obligatory
Step 5 - Begin devaluing of new currency.

Rinse and repeat.

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Highlight:

Ecuador Turning to Virtual Currency After Oil Loans [View all] Judi Lynn Aug 2014 OP

Adventures in Accounting Demeter Aug 2014 #1

Beginnings of 'Venezuelization' in Ecuador. COLGATE4 Aug 2014 #2