The controversial 2 million US dollar purchase former president Néstor Kirchner made in October 2008 has already made it to the foreign press. After the controversy, Spanish newspaper El País' headlines read: “The Kirchners, growing richer and richer.”
Mercedes Marcó Del Pont a long time ally of the Kirchners and until now head of the state-owned development bank, is known to support limited autonomy for the institution she's taking over. Her appointment closes a standoff over whether the government can overrule the central bank and tap international reserves.
Former president Néstor Kirchner admitted that his 2 million US dollars purchase, taken place in October 2008, before the outbreak of the global financial crisis, was made to acquire a percentage of stock for a hotel located in El Calafate, Patagonia.
Argentina summoned the British ambassador in Buenos Aires to deliver a formal protest regarding the imminent beginning of a hydrocarbons exploratory drilling season off-shore the Falkland Islands.
The dispute between Argentine president Cristina Fernandez de Kirchner and the governor of the Central Bank over who is entitled to use the international reserves triggered a legal and political battle that is ongoing.
Argentina's currency may weaken against the US dollar in the next few weeks, but by March there will be a flood of dollars into the local economy, Economy Minister Amado Boudou was quoted in an interview in the Sunday edition of La Nacion.
The institutional crisis facing Argentina remains open in spite of the resignation of the Central Bank president Martin Perez Redrado and is centred on whether the Executive can put its hands on the international reserves to pay sovereign debt.
Argentina’s former president Nestor Kirchner purchased two million US dollars just a few days after the collapse of Lehman Brothers in September 2008 which triggered the current world downturn and when the government of President Cristina Fernandez de Kirchner (his wife) was under extreme pressure to devalue the currency.
Argentina's embattled central bank chief, Martin Perez Redrado, resigned Friday amid a bitter dispute with President Cristina Kirchner over control of the bank’s foreign currency reserves.
Argentina's government filed amended documents with the U.S. Securities and Exchange Commission related to its economy and upcoming debt swap. Argentina is in the process of reopening a 2005 debt swap in an effort to attract investors holding some 20 billion US dollars of defaulted bonds that weren't included the first time.