He made concessions to the people. On March 18, Mahuad lifted the state of emergency, cut the fuel hike in half, and withdrew plans to privatize the oil, telecommunications and electricity industries. He maintained the freeze on bank accounts, declared in order to halt runs on the tottering financial system. All sides acknowledged that the agreement was only a temporary truce in the battle between the IMF and the Ecuadorian working class. The U.S. government affirmed its backing for Mahuad's regime.
Workers are determined to remain vigilant.
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