Presidency
One of his first acts as president was the signing of the peace agreement with Peru on October 26, 1998, which finally closed the border.
During his tenure broke a dozen Ecuadorian banks and similar institutions in many of the financial system. Mahuad issued a law on banking bailout target resources to address the problems of private banks that had gone bankrupt. This law was a conviction and failure for all citizens of low and middle class, which among other effects caused a strong migration of Ecuadorians to other countries, notably Spain and Italy.
Mahuad protect the failed banks that caused this president decreed a bank holiday, a freeze on deposits and a virtual bankruptcy of the real economy. Excess printing of tickets to meet the obligations of the bank bailout, which caused inflation rose considerably and the crisis in the real economy triggering the dollar to levels never seen before.
The ex-banker Fernando Aspiazu Mahuad and were fined by the Supreme Electoral Tribunal for having illegally in the hood for his presidency .
After the greatest economic crisis of recent years, became Mahuad exit the adoption of U.S. Dollar to replace the national currency, the sucre, in announcing the January 9, 2000. During the term of Mahuad the dollar rose from 4,500 to over 25,000 sucres in less than a year.
On January 21 after he was deposed members of the Confederation of Indigenous Nationalities of Ecuador (CONAIE) took the streets of Quito and move to the National Congress, supported by a group of colonels of the Armed Forces. In the middle of the night was announced the creation of a triumvirate, in which the Indians were represented by Antonio Vargas, Colonel Lucio Guti rrez, and Carlos Solorzano Jurisconsult Constantine, who supposedly representing civil society. Gutierrez was released in the triumvirate by General Carlos Mendoza, according to historian Rodolfo Perez Pimentel, because the army pressured to make an attack on the presidential palace. Finally, during the early morning of January 22 Vice President Mahuad Guayaquil Professor Gustavo Noboa, was sworn in as president at the Ministry of Defense.
Mahuad left the country to reside in the U.S.. UU. (the country that helped create a controversial military base at Manta). Has charges pending against him by various government acts, yet has recently received the dismissal of the proceedings against him, rendered in his favor by the Supreme Court of Ecuador.
