The most recent return to democratic rule for Ecuador came in 1979 with the election of Jaime Roldós (Concentración de Fuerzas Populares, populist party) although this particular president met his death in an a plane crash in 1981 but the party completed its term in office till 1984 under Oswaldo Hurtado (Democracia Popular, social democrat).
The next President León Febres Cordero (Partido Social Cristiano) right wing, came into power in August 1984 amidst a crisis of external debt and the El Niño effect that flooded many coastal areas as well as destroying food crops. Cordero exercised free market strategy's with some success but was affected by collapsing world oil prices that reduced oil profits by 50% losses were further compounded as a result of a major earth quake that struck and destroyed the country's only petroleum line.
1988, saw the election of Social democrat Rodrigo Borja. During his term in power oil prices went repeatedly up with public cuts in expenditure and inflation rising to 60% annually making the country fall into a 4 year rut and hard times as the leaders tried to introduce more stable measures.
1992, saw the election of a new President Sixto Durán Ballén, who was formally a Social-Christian who also tried to further stabilize the economy through various macro-economic fiscal policies. During 1996 Ballén encountered energy problems on several fronts through seasonal troughs and also had much conflict with Peru to endure which affected the country's economy also.
In 1996 Abdalá Bucarám (Partido Roldosista Ecuatoriano, populist party), came to power and he rapidly inflicted on the country a series of unsuccessful and unpopular measures to cut inflation and counter balance macroeconomic deficits. After devaluing the Sucre (pre-dollarization currency) that made him equally unpopular.
After crippling the economy the people of Ecuador formed a general strike on February 5-6, 1997 and quickly won favor with more organized labor forces and professional bodies along with CONAIE (Confederation of Indigenous Nations of Ecuador ) and Bucarám was ousted from office.
The next President of Ecuador was Jamil Mahuad in 1998 who picked up the territorial disputes and on going battle with Peru and ended up turning the long battle over frontiers into a peaceful resolution with the Peruvian President Fujimori in October 1998.
During 1999 the country's economy plummeted to an all time low forcing the nation to default on international loans as well as failing to reach agreements with the I.M.F (International Monetary Fund). The country was also bombarded by El Niño affecting harvests as well as oil prices dropping through the floor.
Mahuad's popularity dwindled further as he announced that all accounts over a certain level in deposits were to be frozen and paid back over 5 years in forms of C/Ds in order to stop people taking all their funds out and crippling the banking infrastructure.
In order to prevent further downward spirals on January 9th, 2000 Mahuad announced that the national currency, the Sucre would be superseded by dollarization with the current value of 25,000 Sucres per US Dollar to put an end to the currency devaluation levels that had seen the Sucre plummet against the Dollar.
Events came to a head on January 21, 2000; when various organizations including a collective group of indigenous party's ousted Jamil Mahuad from office and fled to the United States to take up a teaching position. The Vice President Gustavo Noboa then took over Presidency and was duly Sworn in to power.
The current Government has to this day maintained the course of dollarization program and although inflation has doubled over the past couple of years since its conception it is fair to say the economy has maintained an equilibrium in comparison to some of the previous decades.
In addition the Current Government has successfully negotiated a US $2B loan from IMF, financial sources while Noboa also in August 2000 successfully negotiated a bond exchange program against its international creditors.