How Wealthy Corporations Use Investment Agreements to Extract Millions From Developing Countries – Inside Climate News ...Middle East

QUITO, Ecuador—When Rafael Correa entered Ecuador’s presidency in 2007, the nation faced an opportunity and a challenge. Ecuador’s economy depended on oil, and global crude prices were near a record high. Much of the oil was extracted by foreign companies, however, so as prices surged more wealth began flowing overseas. More than a third of Ecuadorians were living in poverty, and Correa had come to power as a leftist promising “radical, profound and quick changes to the current model of so much exploitation, of so much injustice.” Soon after taking office, Correa increased a recently enacted windfall tax on oil companies. The idea was to use the tax as leverage to extract better terms from

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