Reserves Start Falling Again

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As we suspected, a recent Cedatos/Gallup opinion poll shows President Rafael Correa's popularity continued falling in November, with his approval rating dropping to just 42%, from 44% in October and 49% in September. This downtrend is matched by an increase in his disapproval rating, which hit 50% in November, according to same poll. As Correa fumbles to find a solution to the country's energy crisis, and the economic activity struggles to cope with his interventionist policies, we expect his popularity to continue to wane in the months ahead.