| Why cover this? Because Argentina is unstable, its economy is swirling the drain, and Iran has operated there in the past. The Kirchners are scoundrels and will make deals with all the right devils to keep power. |
BUENOS AIRES--The struggle for control of Argentina's stockpile of foreign currency took a new twist as the country's dissident central-bank president was barred from entering the bank late Sunday by police posted at the door by the government.
The government's latest effort to oust bank president Martin Redrado followed a two-pronged appellate-court decision late Friday that left Mr. Redrado's status in doubt, while also dealing another blow to the government's plan to use several billion dollars in central-bank reserves to pay foreign debt. President Cristina Kirchner's leftist government was scrambling to come up with alternative strategies for laying hold of funds so it can increase politically popular spending ahead of 2011 elections.
The Argentine dispute is one of several battles over central-bank independence playing out in various countries in the aftermath of the world financial crisis, though in no other country has the dispute over central-bank autonomy taken such bizarre twists. After being rebuffed at the bank door Sunday night, Mr. Redrado told the Buenos Aires newspaper Clarin that he would file suit against the government and also suggested he could reveal names of friends of the government who had bought dollars. A government spokesman said it had nothing to hide and that Mr. Redrado should just go away. |