Brazilian Firm Ousted

October 2008 | Ratings Update

Wilma Salgado resigned from her position as Ecuador's finance minister on September 15. Salgado was President Rafael Correa's fourth finance minister since he came to office 20 months ago. Her resignation was sparked over a disagreement as to how much the constitution would cost the country (she quoted US$2bn to the press whereas Correa estimates only US$200mn). After his referendum victory, political momentum is with Correa to drive his constitutional reform package through congress. However, Salgado's departure is a clear indication of political differences in the upper echelons of government.

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