Global Security Headlines

Saturday, January 23, 2010

Showdown in Buenos Aires: Update 1

The latest in the test of wills between La Presidenta Christina Kirchner of Argentina and Central Bank Director Martin Redrado apparently leaves him in the country´s long unemployment lines.

The tiff began when La Presidenta Kirchner asked for about $6.5  billion in central bank reserves to pay part of the country´s external debt this year. The Central Bank Director rebuffed the Casa Rosada (Argentina´s White House) and drew the immediate ire of La Presidenta. No one denies Mrs. Kirchner.

In wake of an important court decision on Friday, the daily Clarín reports Aníbal Fernández: "Redrado no entra más al Banco Central" - Anibal Fernandez:: "Redrado will not return to the Central Bank."

Martín Redrado ha quedado en una confusa situación en su rol de presidente del Banco Central tras los nuevos fallos de la Cámara en lo Contencioso Administrativo Federal. Por un lado, ese tribunal avaló claramente el fallo que respaldó su postura de resistir el decreto que apuntaba a crear un fondo para pagar vencimientos de la deuda externa con reservas federales.

Martin Redrado has been left in a confused situation in his role as president of the Central Bank after the latest decisions by the Federal Administrative Disputes Court. On one hand, the court clearly backed the ruling which backed his decision to ignore the decree calling for a fund to pay external debts with federal reserves. 

Pero, por otro, hay interpretaciones contradictorias sobre los alcances del fallo de la Cámara en torno al decreto que lo había removido de la entidad monetaria. "No entra más", aseguró esta noche en forma tajante el jefe de Gabinete, Aníbal Fernández.

But on the other, there are contradictory interpretations about the effect of the Court’s ruling concerning the decree which had removed him from the Bank.   "He will not return," Cabinet Chief Anibal Fernandez said unequivocally. 

Clearly the judiciary  does not want to enter into the political arena. While supporting the Central Bank director´s decision to deny La Presidenta´s request, the matter of his removal as demanded by the Casa Rosada as a consequence is a decision for the executive and legislative branches.

The opposition-dominated and newly-seated Congress has its first challenge from La Presidenta. The people elected them last June to resist Kirchnerismo.

Will they? Or will they prove to be no different from the Kirchner-dominated Congress before them?
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