Referendum gives Correa greater control over telecoms

29 Sep 2008

Ecuador’s President Rafael Correa looked to have resoundingly won a constitutional referendum yesterday, giving him enhanced powers over sectors including telecoms, writes BNamericas citing local press reports of early exit polls. The new constitution gives Correa more power to regulate the economy, expanding his control over the energy, telecoms and banking industries, and stripping the central bank of its independence. It also allows Correa to extend his time in office by allowing a second consecutive four-year term.