2023-05-15 19:25:00
He President of Ecuador, Guillermo Lassofaces an uphill battle in the impeachment process after a political adversary was re-elected as leader of the opposition-controlled Congress.
Virgilio Saquicela, who supports the removal of the pro-mercado president, won re-election in a 96-22 vote on Sunday.. He received the backing of Revolución Ciudadana, the left-wing party of self-exiled former president Rafael Correa, as well as the Social Christian Party.
Political trial of Guillermo Lasso: endorsed by the Constitutional Court of Ecuador
While a simple majority was enough for Saquicela to retain his job, the opposition needs 92 votes to remove Lasso from office in the ongoing impeachment process.
Ecuador’s dollar-denominated debt led to losses in Latin America as investors feared a change in the country’s leadership that could bring a president hostile to financial markets. Bonds due 2030 fell 1.4 cents to around 52.5 cents on the dollaraccording to indicative prices compiled by Bloomberg.
Alberto Fernández criticized the “excessive reaction” of Guillermo Lasso and asked him to “reflect”
Lasso will appear in Congress to defend himself on Tuesday, Government Minister Henry Cucalón said in a radio interview on Monday, although he added that the final vote on the case would still take days.
Lasso, whose term ends in May 2025, faces accusations of embezzlement by not canceling a contract with the state shipping company FLOPEC. The president denies any wrongdoing and FLOPEC reported record net profits for 2022.
Lasso has warned that he will dissolve Congress, as he can legally do once during his first three years in office, rather than allow Vice President Alfredo Borrero to replace him. This would allow him to rule by decree in the interim and hold early elections for the remainder of his term.
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