* Delgado is President Correa's cousin
By Eduardo Garcia
QUITO Dec 19 Ecuador's central bank president,
Pedro Delgado, resigned on Wednesday after admitting that he did
not hold a university degree in economics.
Delgado faced accusations in recent weeks in local media
that he lied when he said that he had obtained a degree in
"I submit my irrevocable resignation as head of the central
bank ... and I do it because I made a grave mistake 22 years
ago. I made the wrong choice and to achieve an academic
objective I made a mistake that now is costing me dearly," he
"I presented a document with no value that certified that I
had a degree that I did not hold, " in order to enter a business
school to study for an MBA, Delgado said.
Delgado , the cousin of Ecuador ean President Rafael Correa,
w as appointed head of the Andean country's monetary authority in
Correa is up for re-election in February 2013. The leftist
leader wants four more years in office so he can continue to
expand state control over the Andean nation's economy.