Ecuador's President Rafael Correa on Wednesday appointed Fausto Ortiz de la Cadena as the nation's new economy minister, Correa announced in an interview with Ecuador's Caravana radio on Wednesday.
Ortiz will replace Ricardo Patino, who was condemned by the nation's legislature, the Congress, for alleged plans to manipulate international debt markets.
Ortiz was vice minister of finance, working for Correa when the president was economy minister during the presidency of Alfredo Palacio. Ortiz is a trained economist and has a master's degree in Business Administration.
Patino, a close friend of Correa, will head the new Coastal Affairs Ministry. He is currently under investigation by the nation's Attorney General over Ecuador's first scheduled payment on Global Bonds 2030 in February.
The investigation began after a videotape showed Patino meeting with investors to discuss a plan to shock the market by driving down the bond prices and allowing them to shoot up after the announcement of an on-time payment.
Source: Xinhua
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