El Carnavalazo

In the 1968 general election José María Velasco Ibarra was democratically elected for a fifth term (1968–1972) as President of Ecuador. Democratic rule did not last long, with Velasco assuming dictatorial powers with military support in 1970 by suspending Congress and ruling by decree. In the same year, President Velasco promulgated the Hydrocarbons Law, which declared oil to be a national state patrimony, increased the royalties owed to the state, and regulated foreign oil companies' operations. In this political crisis, Velasco's regime promised elections for June 1972, which would make his mandate end on August 31. One of the likely candidates was the former mayor of Guayaquil, Assad Bucaram, considered the favorite candidate. The imminent oil boom and prospect of the immense revenues resulting from it sparked planning of a coup by the military, which did not want these oil riches managed by a populist candidate or the traditional oligarchy. == Coup ==

Publicly, 1972 began peacefully, with Velasco and army chief Bombita celebrating a new year with a toast. National debates took place about two topics: the possible triumph of Assad Bucaram in the elections and the country's oil future. In early February 1972, plans to overthrow Velasco during Carnival circulated among military circles. According to Rodrigo Rivadeneira, one of Velasco's aides-de-camp, he personally notified Velasco on February 13, the Sunday before the beginning of Lent, while Velasco was in Ambato, that the military intended to remove him from power. Velasco indignantly rejected the demand, telling Rivadeneira that he should tell Rodríguez Lara that "if he wants power, he should come and take it from me, and I will leave in protest." Velasco returned to Quito the next day, then on February 15, Shrove Tuesday, went to Guayaquil to deliver a televised address. Most Ecuadorian citizens were not aware of the coup at the time, as radio stations only played music and three TV stations from Guayaquil went off the air. == See also ==