This post was deleted for the following reason: old news posted about before
What had Palacio [Ecuador's President new president] done to get our Secretary of State's political knickers in a twist? It's the oil--and the bonds. This nation of only 13 million souls at the world's belly button is rich, sitting on 4.4 billion barrels of known oil reserves, and probably much more. Yet 60 percent of its citizens live in brutal poverty; a lucky minority earn the "minimum" wage of $153 a month.posted by Civil_Disobedient at 9:11 AM on May 12, 2005
The obvious solution--give the oil money to the Ecuadoreans without money--runs smack up against paragraph III-1 of the World Bank's 2003 Structural Adjustment Program Loan. The diktat is marked "FOR OFFICIAL USE ONLY," which "may not be disclosed" without World Bank authorization. TheNation.com has obtained a copy.
The secret loan terms require Ecuador to pay bondholders 70 percent of the revenue received from any spike in the price of oil. The result: Ecuador must give up the big bucks from the Iraq War oil price surge. Another 20 percent of the oil windfall is set aside for "contingencies" (i.e., later payments to bondholders). The document specifies that Ecuador may keep only 10 percent of new oil revenue for expenditures on social services.
"We didn't want the world finding out what actually happened," one soldier told Jones. A perfect summary of the war on terrorism.posted by page404 at 10:03 AM on May 12, 2005

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posted by robocop is bleeding at 8:12 AM on May 12, 2005