Rafael Correa

Rafael Correa assumed the presidency of Ecuador, launching the 'Citizen Revolution.' His administration convened a Constituent Assembly to draft a new constitution, which was approved by referendum in 2008. The new constitution expanded social rights, strengthened state control over natural resources, and allowed for presidential re-election.

Correa defaulted on $3.2 billion in foreign debt, declaring it 'illegitimate' and 'illegal' due to corruption in its issuance. His administration subsequently bought back the defaulted bonds at a steep discount, reducing Ecuador's debt burden. This move was praised by some but criticized by international creditors.

Correa granted political asylum to Julian Assange in the Ecuadorian Embassy in London, where Assange had taken refuge to avoid extradition to Sweden. This decision strained relations with the UK and US, and made Ecuador a central player in the global debate over press freedom and diplomatic immunity.