Shares fell in Ecuador on November 16, 2025, as a referendum on the return of foreign military bases appeared to be failing, with a partial count of more than a third of ballots showing 60 percent rejection of the proposal. A separate measure to convene an assembly to rewrite the constitution also had 61 percent rejection, according to the partial count, with 36 percent of votes counted.
President Daniel Noboa had backed both measures, saying foreign cooperation, including shared or foreign bases within Ecuador, was necessary to tackle the country's growing security concerns, particularly in regards to drug trafficking. However, the results of the referendum suggest that many Ecuadorians are opposed to the idea of hosting foreign military bases on their soil.
The proposal to allow foreign military bases had been met with resistance from various sectors of Ecuadorian society, including indigenous groups and left-wing parties, who argued that it would undermine the country's sovereignty and lead to increased militarization. "We are not going to allow foreign powers to dictate our security policies," said Maria Rodriguez, a leader of the indigenous movement in Ecuador. "Our country has a long history of resisting foreign intervention, and we will continue to do so."
The referendum was seen as a test of President Noboa's popularity and his ability to navigate the complex web of international relations in the region. The results of the vote are likely to have significant implications for Ecuador's foreign policy and its relationships with neighboring countries.
The Ecuadorian government had argued that hosting foreign military bases would provide a much-needed boost to the country's security capabilities and help to combat the growing threat of drug trafficking in the region. However, critics argued that the proposal was a thinly veiled attempt to allow the United States to re-establish a military presence in Ecuador, which would undermine the country's sovereignty and lead to increased militarization.
The results of the referendum are likely to be seen as a blow to President Noboa's administration, which had been counting on the approval of the proposal to strengthen its security ties with foreign powers. The president had argued that the proposal was necessary to tackle the growing threat of drug trafficking in the region, but the results of the vote suggest that many Ecuadorians are opposed to the idea of hosting foreign military bases on their soil.
The current status of the vote is that 36 percent of ballots have been counted, with 60 percent rejecting the proposal to allow foreign military bases. The final results of the referendum are expected to be announced in the coming days, but it is clear that the proposal has failed to gain the necessary support from Ecuadorian voters.
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