The Argentinian Central Bank crisis Carnival of Latin America and the Caribbean

LatinAmer Welcome to the Carnival of Latin America and the Caribbean.

The big story of the week: Cristina Fernandez seized the Central Bank

After a month of wrangling, Argentine President Cristina Kirchner succeeded in sacking central bank President Martin Redrado last week. In his place she named Mercedes Marcó del Pont, a Yale-trained economist who has expressed the view that central bank autonomy ought to be limited.

The opposition howled at the news. Felipe Sola, former governor of Provincia de Buenos Aires, warned that the new bank president “is going to do what the executive decides and they are going to modify the bank charter to justify her doing what the executive tells her.”

Of course that would seem to be the point. Mr. Redrado was fired because he refused to turn over $6.6 billion in bank reserves to Mrs. Kirchner, who wants to pay foreign creditors but doesn’t want to use treasury revenues.Ms. Marcó del Pont, if she wants to keep her job, will follow the orders of the president.

UPDATE
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