Ecuador's Government Fails To Pass Monetary Law
First Published Wednesday, 21 July 2010 03:43 pm - © 2010 Dow Jones
QUITO -(Dow Jones)- Members of Ecuador President Rafael Correa's party in the legislature failed to pass a controversial monetary reform bill Tuesday aimed at using Central Bank deposits to fund investment projects.
Alianza Pais, Correa's party, won only 59 of the 63 votes it needed to pass the law. The failure is the second defeat for Correa's party in the legislature. In May Correa's party failed to secure enough votes for a bill to overhaul water usage.
According to Ramiro Crespo of Analytica Securities, an investment bank based in Quito, the proposed monetary law reform would not provide transparency and would give more discretionary power to the central bank's officials, particularly its board of directors.
To read more go on to: