Mahuad Witt, Jorge Jamil (1949– )

Ecuadorean politician and president 1998–2000. Politically aligned to the centre-left Popular Democracy Party (DP), he was elected following the presidency of Abdalá Ortiz Bucaram. Although the Ecuadorean economy stabilized considerably in the 1990s, Mahuad's administration was faced with the need to reduce foreign debts in order to maintain the economic improvements initiated by its predecessors. In 1999, however, after Ecuador's currency, the sucre, lost 65% of its value, and a further 20% in the first week of 2000, President Mahuad declared a state of emergency, froze all bank accounts valued at over £100, said that he would introduce the dollar in favour of the sucre, and sacked his entire government. This led to protests, and a coup led by renegade army officers and more than a thousand Ecuadorean highland Indians. The USA threatened to isolate the country; as a result the coalition which perpetrated the coup failed, and Gustavo Noboa, the vice-president, was sworn in as president. However, he promised to continue Mahuad's policy to adopt the dollar.