It's yet another feather in the cap for Venezuelan President Hugo Chavez, who had long cultivated the aspiring leader's support. What's more, it's a stinging blow against the Bush administration which now must confront a much more unenviable political milieu in the region. Ecuador now joins other left leaning regimes such as Brazil, Argentina, Uruguay, Bolivia, Nicaragua and Chile, all of which are sympathetic to Chavez.

Bush cannot dismiss the Correa victory as inconsequential: Ecuador is currently the second largest South American exporter of crude to the U.S. The small Andean country hosts the only U.S. military base in South America, where 400 troops are currently stationed. Correa opposes an extension of the U.S. lease at the air base in Manta, which serves as a staging ground for drug surveillance flights. The U.S. lease expires in 2009.

"If they want," Correa has said ironically, "we won't close the base in 2009, but the United States would have to allow us to have an Ecuadoran base in Miami in return."

It's no secret that Chavez and Correa had a personal rapport. During a short stint in 2005 as finance minister under the regime of Alfredo Palacio, Correa brokered a $300 million loan from Chavez. As a result of his diplomacy, Correa was forced out of the government. Allegedly, Correa pursued the loan deal behind Palacio's back. He later visited Chavez's home state of Barinas, where he met with the Venezuelan leader and spent the night with Chavez's parents.

"It is necessary to overcome all the fallacies of neoliberalism," Correa has declared. Borrowing one of Chavez's favorite slogans, Correa says he also supports so-called "socialism for the twenty first century."

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