MercoPress. South Atlantic News Agency

Martin Redrado, from “golden boy” to centre stage

Emulating former US president Truman: “the buck stops here”

Martin Redrado the Argentine reinstated Central Bank president who dared defy the all powerful presidential Kirchner-couple is a low profile liberal economist who became involved in politics with former president Carlos Menem.

Redrado, 48, with two decades in government posts, suddenly jumped to headlines world-wide when he refused to allow Central Bank reserves to be used to pay debts from the cash-strapped government of the Kirchners.

His strong stand sent shockwaves since the Argentine government is trying to clean its defaulted record, reaching an agreement with bond hold-outs and thus be able to have access to the global money market.

An economist from the University of Buenos Aires, Redrado is also a graduate from the prestigious Harvard’s Public Administration School and at the age of 28 was vice-president for Salomon Brothers and later head of the Security Pacific Bank for Latinamerica.

Former president Menem (1989/1999) picked him to join his team, one of the “young brilliant incorporations” or the friendlier “golden boy” given his looks. Under Economy minister Domingo Cavallo, the architect of President Menem’s reforms, in 1991 he was named president of the Stock National Commission, equivalent to the US SEC.

However in 1994 when asked if he would be interested in taking over the Argentine Ministry of Economy he was quick to the point: “No way, I’m about to marry and have my own family, which is not that easy”.

In 2002 he was Trade and International Relations Secretary, which depends from Argentina’s Ministry of Foreign Affairs and Deputy Minister. In 2003 he was named governor of the Central Bank and his term ends next September.

Redrado has held posts under the whole arch of Argentina presidents: from ultra liberal Menem to interventionist Nestor Kirchner.