Ecuador's Embattled President Suspends Inheritance Bill amid Protests

Rocked by a week of protests over a his government's bid to redistribute wealth, and opposition calls for him to resign, Ecuador's President Rafael Correa on Monday dropped the bill for now.

Thousands of people have taken to the streets around the South American nation to protest against the bill put forth by the leftist leader, who is an economist by training.

"So that these groups (demonstrating) do not cause more violence, I have decided to drop temporarily the draft legislation, and open a wide-ranging national debate" on these plans, Correa, 52, said in an address to the nation.

On Friday, Correa proposed to Congress an inheritance tax on assets over $34,500 as opposed to the current $68,800 cutoff.

The president, who claims to have helped end poverty for 1.3 million people, said the move was part of a struggle to "redistribute wealth" and "democratize property," denying the move would affect the poor or middle class.

Many members of the business community oppose the plan because they say it punishes economic success.