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January 8, 2010

Argentine central bank chief axed by president

by Richard Kilner

Story link: Argentine central bank chief axed by president

Argentina’s central bank chief, Martin Redrado, has stepped down from his post following President Cristina Fernandez de Kirchner signing a decree firing him.

Redrado stepped down as head of the country’s central bank after President de Kirchner cited misconduct and dereliction of duties in her decree, and criticised him for refusing to use currency reserves to pay foreign debt.

According to the BBC Redrado has not resigned, merely stood down as he prepares a legal challenge to the president, who was angered when he refused to transfer $6.6bn to help pay foreign debt.

His case may prove strong, as only congress is able to remove a central bank boss.

Miguel Pesce, Redrado’s deputy who supported the transfer of funds to pay foreign debt, has been named as his temporary successor by the president.

Bloomberg news agency has reported that Alberto Bernal, an economist with Bulltick Capital Markets in Miami, has described the move as completely unexpected, adding that a huge fight between the government and congress is now possible.


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