creased social spending, on social welfare, and education from 2.6% to 5.2% of its GDP. Starting in 2007 with an economy surpassed by the economic crisis, Ecuador was subject to a number of economic policy reforms by Government that have helped steer the Ecuadorian economy to a sustained, substantial, and focused to achieve financial stability and social policy. Such policies were expansionary fiscal policies, of access to housing finance, stimulus packs, and limiting the amount of money reserves banks could keep abroad. Ecuadorian government has made huge investments in education and infrastructure throughout the nation, which have improved the lives of the poor.
In 2000 Ecuador changed its currency from the sucre to the US dollar following a banking crisis.
On 12 December 2008 president Correa announced that Ecuador would not pay $30.6m in interest to lenders of a $510m loan, claiming that they were monsters. In addition it claimed that $3.8bn in foreign debt negotiated by previous administrations was illegitimate because it was authorised without executive decree. At the time of the announcement, the country had $5.65bn in cash reserves
