Friday, January 29, 2010

Argentina central bank boss resigns

Argentina's central bank chief Martin Redrado has resigned following a bitter public row with President Cristina Fernandez de Kirchner.
Mr Redrado said he can not protect the independent institution of the bank from the president's efforts to control its dollar reserves.
He had blocked the president's attempt to use $6.6bn (£4bn) in the bank reserves to service Argentina's debt.
The president says the country will benefit from her proposed move.
Mrs Fernandez de Kirchner says it will bolster Argentina's standing in international markets.
Argentina has $13bn of international debt that matures this year, and a hole in its budget of between $2bn and $7bn.

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