Making change.Ecuadoran President Gustavo Noboa slept little on the night of the Jan. 21 coup. Around dawn, having closed his eyes for half an hour--his only rest in 24 hours--the former vice president, now the country's leader, faced a baptism of fire Baptism of Fire A difficult situation that a company or individual experiences that will result in either success or failure. Examples include Initial Public Offerings (IPOs), a new CEO hired to manage a struggling company, and hostile takeover attempts.Notes: A baptism of fire will either weaken or strengthen the entity involved.The phrase is an allusion to the Bible in both Acts 2:3-4 and Matthew 3:11.. Should he go forward with his predecessor's surprise decision, announced two weeks earlier, to adopt the U.S. dollar as Ecuador's currency? Noboa knew well that fierce popular opposition to the policy had cost Jamil Mahuad the presidency. Or should he seek another way to counter the ravages of soaring inflation, devaluation and recession? "I had the most grave decision any president has to make," Noboa says. "But if I hadn't gone for dollarization, who knows what the sucre Sucre, city (1992 pop. 131,769), S central Bolivia, constitutional capital of Bolivia and capital of Chuquisaca dept. Since 1898, La Paz has been the administrative capital of Bolivia. Sucre was founded in 1538 and called La Plata; the city was also called Chuquisaca and Charcas. It was given its present name in 1839 in honor of the revolutionary leader Antonio José de Sucre. would be worth now." |
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