The financial crisis and neoliberalism in Ecuador, period 1990-2006

Patricio Avilés is Ecuadorian by birth, with studies in Business Engineering, Master in Business Management and Lawyer of the Courts of Justice of the Republic of Ecuador. He has managed companies producing and exporting flowers, expert in the area of industrial projects and lawyer in the fields of Civil, Family and Criminal Law.

The robbery of the twentieth century was initially developed in the executive branch, assisted by the legislative branch, at the beginning of democracy in Ecuador and then materialized through the Ecuadorian private banking system, all this between 1980 and 2006. The establishment of the neoliberal economic model acted as a trigger for corrupt governments, together with the legislature, to promote laws that directly affected the development of their people. In the Ecuadorian case we have from the sucretization of the foreign debt, to creating the idea that the administration of the State was defective and therefore began to sell the most profitable state-owned companies. They created a fictitious crisis in the banking system and generated the national holiday, seizing the resources of the Ecuadorian people, all very well organized by the political system of right-wing sectors. The Ecuadorian economy was dollarized, converting one dollar for every 25 thousand sucres, which favored the big defaulters, since their debts dropped considerably, while the pension for retirees, social security contributions and salaries were drastically reduced, benefiting the banks.