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Ecuador's Correa sworn in for third term in office

Friday, May 24, 2013 - 01:10

May 24 - Ecuador's President Rafael Correa is inaugurated for a third term in office with socialist reforms set to continue. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) STORY: Ecuador's President Rafael Correa began his third term in office on Friday with an inauguration ceremony attended by Latin American leaders and Spain's Prince Felipe. Correa, a member of an alliance of left-wing Latin American presidents, won re-election in February this year with about 57 percent of the vote. Correa has won broad support from the country's low-income majority with heavy spending on welfare, health, education and infrastructure projects. But the U.S.-trained economist has irked investors by using anti-capitalist rhetoric, defaulting on $3.2 billion of debt, making oil companies sign less-profitable service contracts and pushing through a new constitution that gave him more power. Critics call Correa a dangerous authoritarian who has curbed media freedom and controlled state institutions. Correa is expected to continue spending heavily on the poor and implementing policies to give the state more control over the economy.

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Ecuador's Correa sworn in for third term in office

Friday, May 24, 2013 - 01:10