Summary of Crisis Bancaria Del Ecuador 1999 Informe Especial Ecuavisa (Dolarización)

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Ecuador's banking crisis of 1999 led to a year-long bank holiday, during which the government devalued the currency in an attempt to fix the system. However, the banking system is still struggling to regain the trust of the Ecuadorean people.

  • 00:00:00 Ecuador's banking crisis of 1999 is chronicled in this video, in which citizens demand their money that was stolen never to be confiscated. In 10 years, Ecuador has come a long way since the system of currency deregulation was put into place. For many, it has been a salvation from a more competitive economy. However, the monetary reform led to the country's largest financial crisis and banking crisis in history in the first part of this special report. Tania Tinoco Retrata describes the pain of Ecuadorians 10 years ago. The government will never confiscate accounts, and never take money from anyone. This 9th of January, Ecuador celebrates its 10th anniversary under the system of currency deregulation. It has been a salvation for others, but for the Ecuadorian people, it has also been a way to lose competitiveness. In May of 1996, people began to panic when it became clear that the bank that now held the responsibility for the continental boom, the Banco Central del Ecuador, would become the owner of the Banco Continental. There was a problem with this entity, and the government had to step in and rescue the bank. Our bank continues to be ours until a judge says otherwise. The loss caused by the Continental would reach 105 million dollars. Soon
  • 00:05:00 Ecuador's banking crisis of 1999 is detailed in this Ecuavisa special report, in which private banks are mentioned as well as the minister of finance and then minister of economy. It is said that all Ecuadorians should share in the meat and all contribute financially in order to obtain a budget funded. However, the economy does not emerge and inflation grows progressively. The currency, the sucre, continues to decline in value and the cost of money reaches extremely high levels with interest rates topping 100% annually for the government. The president, the republic, does not believe in any of Ecuador's banks going bankrupt, and so the people are left in uncertainty in August of 1998. The people then demand the president to take action, and in October of 1998, the bank of loans collapses. Later, it is accused of using bank resources to save businesses and families, causing the bank's collapse. Like here, financial progress has no guarantee of real stability, and so the people are left in despair. In 1998, while the bank of progress was trying unsuccessfully to gain capitalization, filanbanco, a private bank, begins to collapse. Soon thereafter, superintendant of banks Juan Falconí accuses its titular, Alejandro Peñafiel
  • 00:10:00 Ecuador experienced a banking crisis in 1999, and as a result, the government implemented a bank holiday to prevent people from withdrawing their money. This transcript excerpt is from a video about the crisis, which details the effects on the economy and the population. The crisis lasted for about a year, and caused the death of several Ecuadorean citizens. The government eventually fixed the banking system by devaluing the currency, and the process was repeated in 2001. Ten years later, the banking system is still struggling to regain the trust of the Ecuadorean people.

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