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STORY: Ecuador's President Rafael Correa began his third term in office on Friday with an inauguration ceremony attended by Latin American leaders and Spain's Prince Felipe.
Correa, a member of an alliance of left-wing Latin American presidents, won re-election in February this year with about 57 percent of the vote.
Correa has won broad support from the country's low-income majority with heavy spending on welfare, health, education and infrastructure projects.
But the U.S.-trained economist has irked investors by using anti-capitalist rhetoric, defaulting on $3.2 billion of debt, making oil companies sign less-profitable service contracts and pushing through a new constitution that gave him more power.
Critics call Correa a dangerous authoritarian who has curbed media freedom and controlled state institutions.
Correa is expected to continue spending heavily on the poor and implementing policies to give the state mor
