Tags: LT | Argentina | Central | Bank

Argentine Leader Changes Debt Repayment Plan

Monday, 01 Mar 2010 02:58 PM

Argentine President Cristina Fernandez announced a new plan Monday to use reserves to pay some of the national debt after legal wrangling complicated her original idea of creating a $6.6 billion fund from reserves.

Fernandez's new decree calls for the use of $4.1 billion in reserves to pay debt, with a congressional comission overseeing payments.

The original decree announced in December led her to fire the Central Bank chief who balked at setting up the $6.6 billion fund.

But new plan angered opposition congressman Alfonso Prat Gay, who insisted reserves must not be used to pay off debt.

"This is disrespect for the law," he said.

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Argentine President Cristina Fernandez announced a new plan Monday to use reserves to pay some of the national debt after legal wrangling complicated her original idea of creating a $6.6 billion fund from reserves.Fernandez's new decree calls for the use of $4.1 billion in...
LT,Argentina,Central,Bank
106
2010-58-01
Monday, 01 Mar 2010 02:58 PM
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