Correa says he'll nix some investment pacts

QUITO, Ecuador (AP) -- Ecuador's leftist president, Rafael Correa, is studying whether to eliminate up to 20 international investment pacts because he says some have proven "nefarious for the country."

Correa says many such pacts hurt Ecuador's sovereignty and have illegitimately enabled certain investors to profit from Ecuador's foreign debt.

Correa did not specify which deals trouble him in particular.

He made the comments to foreign correspondents Monday only hours after Ecuador's voters overwhelmingly approved a new constitution that will help him consolidate power.

But Correa rejected demands by the far left that Ecuador stop paying off its foreign debt. He also turned down demands by indigenous groups that he refrain from authorizing new mining projects.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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