Argentina: Redrado ‘no longer in charge’

In the ongoing battle between the central bank and the government, it appears the government has taken the advantage. Bank president Martin Redrado, 48, was prevented from entering the central bank last night and hasn’t appeared at the institution today. In his absence, vice president Miguel Pesce is in charge.

Congress will decide who gets the job, and also whether central bank reserves may be used to pay for debt. If another bank president is found but funds are not allowed to be transferred, the Fernandez camp will have gained little from the furore: Mr Redrado’s refusal to transfer the funds without Congressional approval is the reason his resignation was called for.