FT News Briefing Ecuador’s ‘unprecedented’ Mexican embassy raid
Apr 10, 2024
A dramatic police raid on the Mexican embassy in Ecuador to capture a former vice president raises questions about political stability and corruption. Investors are shifting their focus from US Treasuries to European bonds, highlighting a divergence in economic conditions. Meanwhile, Australia is making strides to revitalize its manufacturing sector with a new $15 billion fund aimed at innovation and reducing reliance on traditional industries. The podcast dives into these pressing global issues and their implications for the future.
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Ecuadorian Embassy Raid
- Ecuador's new president, Daniel Noboa, raided the Mexican embassy to arrest former VP Jorge Glass.
- This unprecedented move has severed diplomatic ties between the countries and raised concerns.
Ecuador's New President
- Daniel Noboa, son of a wealthy businessman, was a political newcomer before his presidency.
- He gained popularity as an outsider in Ecuador's snap election.
Noboa's Gamble
- Ecuador's rising crime and gang violence led Noboa to declare a state of emergency.
- The embassy raid seems like a political move to gain support for his security measures and upcoming re-election.