Argentina

Argentine President Cristina Kirchner has found support for a plan to pay off foreign debts. A congressional panel supported President Kirchner’s proposal to use 14 percent of the national bank’s dollar reserves. The panel also backed her decision to sack the president of the national bank Martín Redrado for refusing to pay out the money. Redrado had already resigned last week, after he accused the president of making a “grab for the savings of all Argentines.” Kirchner will have to defend her plan in Congress next month. Mercedes Marco del Pont took over as chief of the central bank last week, replacing Redrado who was fired for refusing to release $6.6 billion in reserves for a Bicentennial Fund to help cover $13 billion in debt service payments that fall due this year. (Radio Netherlands, MNI)

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