This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/americas/8447428.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Argentine bank chief steps down | |
| (about 1 hour later) | |
| Argentina's central bank boss has stepped down after the president signed a decree firing him for refusing to use currency reserves to pay foreign debt. | |
| Cristina Fernandez de Kirchner cited misconduct and dereliction of duties in a decree dismissing Martin Redrado. | Cristina Fernandez de Kirchner cited misconduct and dereliction of duties in a decree dismissing Martin Redrado. |
| A spokesman for Mr Redrado said he had agreed to step aside but not to resign, and was launching a legal challenge. | |
| Constitutional lawyers say the decree may be illegal, as the central bank chief can only be removed by Congress. | Constitutional lawyers say the decree may be illegal, as the central bank chief can only be removed by Congress. |
| Mr Redrado angered the president after he rejected her order to transfer $6.6bn to a government fund to pay foreign debts. | |
| Argentina has $13bn of international debt that matures this year, and a hole in its budget of between $2bn and $7bn. | Argentina has $13bn of international debt that matures this year, and a hole in its budget of between $2bn and $7bn. |
| The BBC's Candace Piette, in Buenos Aires, says economic analysts believe the attempt to sack Mr Redrado shows how desperate Argentina's government is to get funds to pay debt - a bad sign for a country seeking more foreign investors. | The BBC's Candace Piette, in Buenos Aires, says economic analysts believe the attempt to sack Mr Redrado shows how desperate Argentina's government is to get funds to pay debt - a bad sign for a country seeking more foreign investors. |
| Recess | Recess |
| In the emergency decree, Mrs Fernandez de Kirchner said the central bank governor had "failed to fulfil the duties of a public servant" and urged prosecutors to seek unspecified "legal measures" against him. | In the emergency decree, Mrs Fernandez de Kirchner said the central bank governor had "failed to fulfil the duties of a public servant" and urged prosecutors to seek unspecified "legal measures" against him. |
| The decision was made because the central bank must keep functioning Cristina Fernandez de KirchnerPresident of Argentina | The decision was made because the central bank must keep functioning Cristina Fernandez de KirchnerPresident of Argentina |
| Later she named Mr Redrado's deputy, Miguel Pesce, has his interim successor. Mr Pesce had supported the government's move to use reserves to cover debt. | |
| "The decision was made because the central bank must keep functioning," she said. | "The decision was made because the central bank must keep functioning," she said. |
| But opposition politicians and constitutional experts said the president did not have the legal authority to dismiss Mr Redrado. | |
| Under the bank's charter, the government can dismiss a member of its board, but must have a recommendation from a special congressional committee. | Under the bank's charter, the government can dismiss a member of its board, but must have a recommendation from a special congressional committee. |
| Economy Minister Amado Boudou said since it was ultimately the president's decision and Congress was in recess, the direct dismissal was legal. | |