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Ecuadorian government seizes businesses of corrupt bankers

In brief

On July 8, the Ecuadoran government took over 200 businesses, including several major television stations, on the grounds of corruption.

All of the companies are associated with the Isaías Group, which owes the state and people of Ecuador $661 million due to the collapse of the Filanbanco bank in the 1990s. William and Roberto Isaías, the bank’s owners, currently live in Florida and the U.S. government has refused to extradite them to face charges.

Ecuadoran President Rafael Correa has announced that the closures are long overdue and are meant to be a movement toward ending corruption and towards a "citizen’s revolution."

The majority of Ecuadoran’s agree with the takeovers, including Fenape, Ecuador’s journalists’ federation.

Ecuador is in the process of drafting a new constitution that, if approved by referendum, will pave the way for land redistribution and anti-poverty programs.

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