Kirchner Directs Foreign Reserves Into Debt Payments
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Kirchner Directs Foreign Reserves Into Debt PaymentsKirchner Directs Foreign Reserves Into Debt PaymentsPolitical opponents saw the move to shift money from the central bank as a slap in the face of the new opposition-dominated Congress,artificial applewhich the president inaugurated earlier in the day. The first decree allocates about $2.2 billion in foreign reserves to pay international organizations, while a second orders the central bank to hand over about $4.2 billion for other public-debt payments.Radical Party legislator Ricardo Gil Lavedra said the president "was mocking the Congress,samurai swords," while dissident Peronist Felipe Solá called the moves "fraud."The moves will help Argentina make the estimated $13 billion due in debt payments this year,artificial applealthough $4 billion to $5 billion will still need to be found, said economist Federico Mu?oz.Markets bounced on the news as it raised the country's payment capacity.#x The Merval Index of leading shares jumped 2% to close at 2265.14, and bonds posted similar gains.Still, the move is likely to generate more political friction.artificial appleWhile the payment to international organizations is allowed under the central bank's charter, the payments to private lenders are likely to face the same legal and political hurdles as the so-called Bicentennial Fund decree revoked Monday, #xMr. Mu?oz said.That decree had been blocked after courts ruled that Congress must approve the use of reserves for debt payments.相关的主题文章：
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