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Argentina central bank boss resigns amid debt row

Martin Redrado and Cristina Fernandez de Kirchner. File photo
Mr Redrado accused the president of "trampling institutions"

Argentina's central bank chief Martin Redrado has resigned following a bitter public row with President Cristina Fernandez de Kirchner.

Mr Redrado said he could do no more to 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.

Congressional probe

Announcing his resignation, Mr Redrado accused of "permanently trampling institutions" and seeking to use "the savings of all Argentines".

He earlier said that paying the debt from Argentina's reserves could lead creditors who lost money during the country's 2001 default to lay claim to the reserves.

Earlier this month, the president dismissed Mr Redrado by issuing an emergency decree.

But a judge later reinstated him, suspending the decree until Congress voted on it.

Under the bank's charter, the government can dismiss a member of its board, but must have a recommendation from a special congressional committee.

A congressional panel is currently considering whether to approve or reject the president's decree.



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Country profile: Argentina
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