July 12, 2007 (LPAC)--The International Monetary Fund must vacate its offices inside Ecuador's Central Bank by July 15, as promised, Economics Minister Ricardo Patino stated publicly on July 11. "The Central Bank is Ecuador's and not the International Monetary Fund's." They can look for someone to rent them space, but it cannot be inside the bank, he reiterated.

Since the mid-1970's, IMF officials have set up shop inside the central banks of Third World countries around the globe, functioning as pro-consuls dictating policy. Ecuador, however, "does not want any credit relationship with this body," Patino stressed, and certainly isn't accepting its dictates.

Patino also announced that the government's new commission to audit Ecuador's foreign debt will begin its work next week. The commission is charged with deciding what of Ecuador's foreign debt is legitimate, and what not. Illegitimate debts do not have to be paid.

Lyndon LaRouche's Executive Intelligence Review has documented repeatedly that the majority of the Ibero-American debt is now illegitimate, as it has been paid three to five times over, multiplied by "bankers' arithmetic" and other scams.

LaRouche commented today that what most upsets the financiers about Ecuador today, or Argentina for that matter, is not the particulars of their debts. What the financiers cannot tolerate is any sign of independence or defense of national sovereignty whatsoever, at this moment when the entire world financial system is imploding.