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President Jamil Mahuad Says Ecuador is Faicing Financial Crisis

LADB Article ID: 54448
Category/Department: Ecuador
Date: 1999-01-22
By: LADB Staff

Ecuador's President Jamil Mahuad compares the nation's economy to a ship that has struck an iceberg, and he called the situation critical because of the massive budget deficit. "We have a serious crisis, the worst in 70 years," Mahuad, who took office five months ago, said in the annual State of the Union address to Congress Jan. 19.

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