Crazy man in power

Euromoney Limited, Registered in England & Wales, Company number 15236090

4 Bouverie Street, London, EC4Y 8AX

Copyright © Euromoney Limited 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Crazy man in power

Ecuador's populist new president came to power on a wave of dissatisfaction with the status quo. He has already developed a reputation for eccentricity, not least for economic policies that threaten to alienate the international community. There is also worrying evidence of cronyism and an authoritarian approach to foreign investors. By Norman Peagam

During his first 100 days as president of Ecuador, Abdala Bucaram shaved off his moustache to raise money for charity, staged a concert to perform songs from his forthcoming album, "A Crazy Man In Love", and hosted a lunch at the presidential palace for Lorena Bobbitt, an Ecuadorean best known for cutting off her American husband's penis. A tireless self-promoter, the 44-year-old Bucaram also gave his monthly salary to poor people and arranged for the distribution of subsidized milk to the needy, in plastic cartons bearing his picture and the brand-name Abdalact. To those who suggest he might spend more time on government business, he retorts: "I do as I damn well please."

Bucaram was the surprise winner of Ecuador's presidential election this year. An unabashed populist who promised to champion the poor and hound the elite, he took office on August 10 and has continued his strident rhetoric since. But behind the combative language and grandstanding, advisers say he has a serious purpose. He thinks Ecuador lacked strong leadership in the past and needs shaking up. Like presidents Carlos Menem in Argentina and Alberto Fujimori in Peru ­ also ethnic minority outsiders ­ they say Bucaram plans far-reaching political and economic reforms that could enhance Ecuador's prospects for growth and stability.

Gift this article