Harvard alums in Ecuador say that during the 1998 presidential race, Mahuad flaunted his Harvard credentials in an attempt to convince Ecuadoreans that he was capable of alleviating the economic crisis plaguing the country.

"As a Harvard alumnus I have to deplore the manipulation and improper use that President Mahuad made of his Harvard ties," wrote Rodolfo A. Baquerizo '85, who was a board member of Ecuador's central bank from 1992 to 1996, in an e-mail message.

"He arbitrarily used them as proof of his competence and as shield of his abuses. Thanks to Mahuad, Harvard's name has become almost a joke in Ecuador, a situation that is aggravated by the fact that Harvard is providing shelter to the worst president we ever had."

"His short but inept and corrupt tenure as Ecuador's president has embarassed the Harvard alumni community here," Mata said.

In Defense

Mahuad issued a press release Tuesday responding to the court's order to arrest him if he enters the country. After describing the hyper-inflation, capital flight and other financial conditions that led to his decision to freeze banking assets--the act that some say exceeded his constitutional authority--Mahuad denied any wrongdoing.

"The government decided to freeze banking and time-deposit accounts in order to stop the bleeding," Mahuad said. He claimed that the decision caused the sucre to rebound and halted the hyper-inflation that had been plagued the country.

Mahuad, who is not speaking to the media, did not address the allegations of corruption directly in the press release.