Dollarization

Dollarization has been used successfully in a few other economically hard-hit countries, including nearby Panama (where the US dollar is called a Balboa), but when President Mahuad declared his plan to dump the national currency, the country erupted in strikes, protests and road closures. On January 21, 2000, marches shut down the capital, and protesters took over the Ecuadorian Congress building, forcing Mahuad to resign.