Ecuadorian Vice President Gustavo Novoa declared him president on January 22 after a three-man junta overthrew President Jamil Mahuad in a coup.

Deposed Mahuad has reportedly asked for political asylum in Chile. The three-member junta, composed of a top military chief, an Indian leader and a former judge announced the formation of an interim government on Friday in revolt against Mahuad and his economic policies.

The junta took power late Friday after two weeks of mass protests against the government's economic reform policies and demanded Mahuad step down in the face of worsening economic situation.

Mahuad decided to adopt the US dollar as the official currency two weeks ago in a bid to salvage the economy. The move, however, incurred violent protests, particularly by indigenous people, who feared the dollarization plan would worsen their economic woes.