Ecuadorians are choosing 130 members of a legislative assembly that will overhaul the country’s constitution. The country’s president Rafael Correa is reportedly close to winning a majority in the national assembly. Correa is a leftist allied with Venezuelan President Hugo Chavez: “The process that Ecuador is going through is totally democratic. These elections and the process for the constituent assembly is the most democratic process that Ecuador has had in its entire history.”
Correa says the assembly should introduce sweeping reforms in a country where three elected presidents have been ousted in the last decade.
Investors are watching Ecuador’s vote closely as they are worried a convincing win could give the leader a stronger mandate to carry out his promises to increase state control over the economy and natural resources. Ecuador is the world’s number one banana exporter and South America’s fifth biggest oil producer.