At 77, Ecuador's President Jose Maria Velasco Ibarra is indisputably his country's most successful politician. Without benefit of a party or a program, the old demagogue has been elected President of his poor nation of 6,000,000 no fewer than five times. The trouble is that, by general agreement, Velasco is also the worst administrator that Ecuador has ever had. Three of his four previous presidencies fell into such political and economic chaos that they were abruptly terminated by military coups. Recently, Velasco's fifth try at governing Ecuador seemed to be following true to form: the treasury was near bankrupt,...
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