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World Bank predicts economic contraction, Austrogas faces investigation, Orchids in Calderon, Common currency proposed

Sábado, 8/6/2019

Hola, Todos –
Actividades –

No hay nada.

Otras cosas –

Titular – Anticorrupción indaga a empresa Austrogas (Anti-corruption looks into the Austrogas company) – The Secretaría Anticorrupción is investigating the direction of bidding to favor Transkatani S.A. which won a contract for $1,314,466 to transport propane from the Petroecuador terminal in Guayas to storage and bottling plants in Cuenca. Because 70.65% of the capitalization of Austrogas is public, it has a 15 day period to respond to requests to provide documents pertaining to the contract. <Remember that the reason the gas has to be trucked into Cuenca is because the pipeline has structural problems.>

There’ll be plenty of orchids in the park.

Economy – The Banco Mundial (World Bank) is predicting that economic growth in Ecuador will will be negative and that the country will not grow for the rest of the year. Ecuador’s Central Bank disagrees, saying the economy will grow 1.5% in 2019.

Partial road opening – The vía Gualaceo-Plan de Milagro-Limón, which has been closed due to a perennial slide will be partially opened el sábado, but only from 16:30-18:30.

Supermarket closures – <this is your civics lesson for the day – how your food is protected> So far this year, ARCSA has closed 3 supermarkets for not meeting sanitary standards. To open a supermarket, you need an operating permit which enters you into the ARCSA data base for future control and inspections. ARCSA inspectors look at the hygenic conditions of the business. Finishes and surfaces should not encourage the entrance of pests. It also looks at food storage facilities and expiration dates on products. Expired products need to be stored separately and employees need to be trained and wear adequate clothing for food handling. ARCSA has regular inspections and inspections responding to complaints which are acted on within 72 hours. To complain, take your written (in Spanish, of course) to the Defensoría el Pueblo, Verónica Aguirre, zone 6 coordinator at av. Gran Colombia y Unidad Nacional, or call 2840-568 or 2828-241. <The language barrier should stop a lot of gringos who want to complain about meat hanging in the mercados.>

When establishments are closed, the stock is taken and destroyed so it won’t be put back on sale. The closure lasts until the owner corrects the problems. <So does that sensitive tummy feel better protected from unsafe food? Or are you going to continue to cook your meat to something you could make shoes out of, and soak your veggies in those chemicals that are guaranteed to kill living organisms?>

Orchids in parque Calderón – Starting el lunes, the City will be planting 90 orchids in parque Calderón. It is part of a pilot plan to introduce epiphytes to enhance the views around the city. The species being planted flower twice a year. There will be a special inaugural of the project el lunes. <They’d better put them high enough so that those orchids don’t wind up in new forever homes.>

Mercosur – The Argentine Secretary of State referred to the possible creation of a common currency among the Mercosur nations of Argentina, Brasil, Paraguay and Uruguay.

And that’s all for today so Hasta la Próxima Semana –


Editor’s note: Jeanne’s Periodico is a translated digest of news from the Cuenca daily newspaper El Mercurio. If details, such as event dates and times, do not appear in the translation, they did not appear in the newspaper. The text between the carrots, or guillemets (< … >), is Jeanne’s personal opinion and not part of the news translation.

6 thoughts on “World Bank predicts economic contraction, Austrogas faces investigation, Orchids in Calderon, Common currency proposed

  1. “Ecuador’s Central Bank disagrees, saying the economy will grow 1.5% in 2019.”

    And you can be assured that Ecuador’s Central Bank will publish exactly that at the end of the year.

      1. INEC knew better. They were an independent government agency until a couple months ago. Moreno didn’t like the numbers they published on poverty rates and unemployment at the end of last year, so he dissolved their department and put them under the direct authority of the executive branch.

    1. No they won’t. They’re actually publishing low numbers on purpose. They have to keep this manufactured crisis going in order to manufacture consent for the massive budget cuts, tax breaks and loans the IMF has prescribed. Moreno gave a national address and claimed the debt was $75 billion . . . a week after an IMF audit said it was $39 billion. They’ve gone to inventing their own accounting methods to make the numbers fit. They use their own invented system to tell us what’s happening, then use the IMF’s methodology (the only one recognized internationally) to apply for loans.

  2. Didn’t Ecuador borrow money to invest in Ecuador? I recall much criticism regarding Ecuador now having to bow to the demands of the super powers because of the loan. If so, why would the economy decrease? ???

    1. Because they’re stealing it. That really is the only logical explanation. In barely two years, Moreno has already borrowed $4 billion more than Correa did in 11 and all he has to show for it is massive cuts in the education and health budgets. With last week’s $500 million loan (at 9.25% interest), the budget has now officially passed 50% of GDP for the first time in a decade.

      Meanwhile, he hasn’t built a single road, hospital or school since taking office and now he’s moving to sell off all the massive public works projects built during the Correa years at pennies on the dollar. CNT, hydroelectric plants, even the roads, public enterprises that generate billions in income every single year are to be sold off for a one-time windfall which, like all the recent loans, will also not be converted into anything of value for the nation. When the dust settles, the debt will be twice what it was when Correa left office, healthcare will be privatized and only the rich will be able to afford to send their kids to decent schools.

      Which is exactly why Correa refused to do business with the IMF for all those years despite their repeated offers. But hey, that’s neoliberalism for you. It’s never worked anywhere it has been tried. All it ever creates is massive increases in poverty and income inequality while saddling entire countries with generations of debt, but maybe this time it will be different.

      BTW, say goodbye to dollarization.

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