In May 2007, evidence surfaced that some of the Ecuadorian government rhetoric might have been part of an alleged market manipulation to benefit Ecuador from movements in the price of financial instruments linked to Ecuadorian Bonds. A fall in Ecuador bond prices, ignited by aggressive default rhetoric, would trigger a buyback by Ecuador, financed by Venezuelan banks. This strategy collapsed due to operations engaged by Venezuelan financial institutions who profited from the market swings. Correa referred to the allegations as a conspiracy from a powerful banker. On 26 July 2007, Rafael Correa replaced finance minister Patiño, due to Patiño's appearance in a video recording, apparently discussing the market manipulation. Patiño then assumed a newly created position responsible for the Pacific coast region and later assumed the Politics Affairs Ministry.