Jamil Mahuda presidential life

During the government of Osvaldo Hurtado, occupied the post of Minister of Labour, was his party's presidential candidate for the first time in 1988 and ranked fifth. In the 1990 elections, was elected deputy from Pichincha. In the same year he suffered a beating in Congress by relatives and supporters of Bucaram, (former president of Ecuador, which at that time was a fugitive from justice, and expected an amnesty by the legislature.)On August 10, 1992, Jamil Mahuad took office as mayor of Quito, a position he gave great reputation for providing almost total utilities, the construction of a trunked system of trolleybuses transport across the council and modernization. In 1997 he participated actively in the protests to oust President Abdala Bucaram. Jamil Mahuad is how organized the inaugural holder of Congress, Fabian Alarcon, to the detriment of Rosalia Arteaga who had assumed the presidency on a temporary basis after the cessation of Bucaram. In 1998, narrowly won the presidential election. The defeated candidate, Alvaro Noboa, requested a recount rejected the electoral tribunal.PresidencyOne of his first acts as president was the signing of peace agreement with Peru on October 26, 1998, which established milestones final frontier and ended the long and costly conflict between Peru and Ecuador thus ceded part of the Ecuadorian state the national territory to Peru in exchange for peace.During his tenure, broke a dozen Ecuadorian banks and similar number of institutions in the financial system. Mahuad issued a bank bailout bill, which allocated state resources to address the problems of private banks that had failed. According to the government of the time, to protect clients and the financial system, according to his detractors to protect failed banks. The crisis among other effects caused a massive emigration of Ecuadorians to other countries, especially Spain and Italy. The president declared a bank holiday and a freeze on deposits. Excess printing money to meet the obligations of the State (with oil prices at $ 8 per barrel), made considerably increase inflation and real economic crisis, the dollar soared to levels never before seen . After the worst economic crisis in recent years, Mahuad assumed as output the adoption of the U.S. dollar, replacing the national currency, the sucre. This event was announced on January 9, 2000. During the term of Mahuad the dollar rose from 4,500 to over 25,000 sucres in less than a year, and the measure could stabilize Ecuador's economy for several years.The ex-banker Fernando Aspiazu and Mahuad were fined by the Supreme Electoral Tribunal for helping in the campaign illegally for presidencia.1On January 21, 2000, was dismissed after the members of the Confederation of Indigenous Nationalities of Ecuador (CONAIE) took to the streets of Quito and advance to the National Congress, backed by a group of colonels of the Armed Forces. At midnight it was announced the creation of a triumvirate in which Indians were represented by Antonio Vargas, Colonel Lucio Gutierrez and Carlos Solorzano jurist Constantine, who represented civil society. Gutierrez was released in the triumvirate by General Carlos Mendoza, according to historian Rodolfo Perez Pimentel, as the army pressed to make an attack on the presidential palace. Finally, during the early morning of January 22, 2000, Vice President Mahuad, Professor Gustavo Noboa Guayaquil, was sworn in as new president in a ceremony held at the Ministry of Defence.Mahuad fled the country to reside in the U.S.. States. (Country which created a controversial military base in Manta and which adopted its currency after the devaluation of the Sucre by 67% during his presidency). Jamil Mahuad has charges pending against him for several acts of his government, as well as a judicial process against him which is issued provisionally suspended by the Supreme Court of Ecuador.