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So option 2 presumably let's Ecuador and Venezuela peacefully secede, and option 1 has them secede but has you at war with them? Interesting, no doubt Ecuador could be a pain to keep pacified these next few years assuming you re-annexed it.

Do you turn into a presidential dictatorship in the process?
 
So option 2 presumably let's Ecuador and Venezuela peacefully secede, and option 1 has them secede but has you at war with them? Interesting, no doubt Ecuador could be a pain to keep pacified these next few years assuming you re-annexed it.

Do you turn into a presidential dictatorship in the process?
Yes, and yes. Ecuador mainly spawns Jacobin rebels though.

The event turns you into a Presidential Dictatorship no matter the option.