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Article: Ecuador banks on American dollar for its currency.
- Article from:
- South Florida Sun-Sentinel (Fort Lauderdale, FL)
- Article date:
- April 30, 2007
CopyrightCOPYRIGHT 2007 South Florida Sun-Sentinal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Doreen Hemlock
QUITO, Ecuador _ Perched among volcanoes, about 8,000 feet high, this mountainous Andean capital seems worlds away from the United States _ until it comes time to pay. U.S. travelers need not change currencies. The American dollar is the money used.
Ecuador is the sole South American nation to abandon its currency in favor of the dollar. The government gave up the sucre in 2000 after a banking and currency crisis so severe that officials basically let the U.S. Federal Reserve run monetary policy.
For most Ecuadorians, that's just fine, gracias _ at least for now. A recent public opinion poll by Gallup affiliate Cedatos ...