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Montevideo, September 22nd 2018 - 15:08 UTC

Cristina Fernandez will stand trial on charges of financial mismanagement

Friday, March 24th 2017 - 11:55 UTC
Full article 41 comments
Cristina Fernandez is accused of ordering Central bank to sell dollars on the futures market at artificially low prices ahead of a widely expected devaluation Cristina Fernandez is accused of ordering Central bank to sell dollars on the futures market at artificially low prices ahead of a widely expected devaluation
Bonadio says that a scheme to keep the Argentine peso inflated by selling dollars below market value wouldn't have been possible without Fernandez's approval. Bonadio says that a scheme to keep the Argentine peso inflated by selling dollars below market value wouldn't have been possible without Fernandez's approval.

A judge in Argentina has ruled that the former president, Cristina Fernandez should stand trial on charges of financial mismanagement. Fernandez is accused of fraudulently administering state funds in 2015. The former economy minister, Axel Kiciloff, and the former head of the central bank have also been charged.

 Cristina Fernandez, who governed from 2007 to 2015, said the case was politically motivated. The former president already faces unrelated investigations into alleged corruption.

Judge Claudio Bonadio said a total of 15 people would go in trial in connection with the case. Cristina Fernandez is accused of ordering the central bank to sell dollars on the futures market at artificially low prices ahead of a widely expected devaluation of the Argentine peso.

Bonadio says that a scheme to keep the Argentine peso inflated by selling dollars below market value wouldn't have been possible without Fernandez's approval.

He says that this cost the state about US$4.9 billion at the current exchange rate, allowing buyers to make big profits on the transactions. The sales also led to a sharp drop in Central Bank reserves.

The former leader is also being investigated over alleged corruption but the dollar futures case would be the first to reach the trial phase.

Cristina Fernandez won the presidential election in 2007, succeeding her husband, Nestor Kirchner, in the top office. In 2011 she was re-elected by a landslide.

Unable under Argentine law to stand for a third consecutive term, she backed Daniel Scioli in the 2015 election campaign. But voters chose the conservative mayor of Buenos Aires, Mauricio Macri, instead.

Cristina Fernandez says she has been the target of “political persecution” since Mr. Macri came to power.

Categories: Politics, Argentina.

Top Comments

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  • Papamoa

    Another nail in Her coffin.

    Mar 24th, 2017 - 12:39 pm +8
  • ElaineB

    What CFK and the boy Kicillof conspired to do was criminal and cost Argentines around US5 billion. She did it to try to scupper the incoming government and it will be interesting to see how many of her friends and family made money out of under-selling the futures.

    Mar 24th, 2017 - 12:45 pm +4
  • imoyaro

    Nice try Gauchito Drink, but really, your “facts” are as believable as your lies, or those of your dancing partner in the “Torturer's Tango Duo.” Of course, the “beneficiaries” you refer to did make the policy or approve it. The ones that did are going to trial. ¡Qué chantapufi!

    Mar 25th, 2017 - 09:11 am +4
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