Too Little, Too Late

ECUADOR - Report 21 May 2015 by Magdalena Barreiro
Executive Summary It has taken the government more than six months to recognize that the oil price slide is not temporary, and that structural changes in the industry likewise require structural changes in its macroeconomic approach. President Rafael Correa has finally announced that he will purchase insurance, as a hedge against further revenue losses. Concerns about the cost of the instrument, and the political risks for officers involved in the negotiations, seem incompatible with other luxurious expenditures or the political risks taken when the government directly intervenes in the jud...

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