Ecuador President Mahuad Announces Dollarization 'Jump Into the Abyss' Amid Economic Crisis

Ecuadorian President Jamil Mahuad announces the country will abandon its national currency and adopt the U.S. dollar, describing the decision as ‘a jump into the abyss’ just days before making it. Mahuad’s handling of multiple crises—floods from El Niño, the collapse of oil prices, …