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Fernandez vows to use bank reserves despite court ruling
Financial Times
March 05, 2010

By Jude Webber in Buenos Aires

Cristina Fern ndez, Argentina's president, yesterday vowed that no judge would stop her from using central bank reserves to repay debts, a move that has led to a constitutional crisis. Her unusually virulent speech came after a judge suspended the application of a new emergency decree issued on Monday, authorising the transfer of $4.38bn ( 2.9bn, 3.2bn) in reserves to pay private creditors this year. It also comes after opposition lawmakers, who now control Congress, said they would not ratify the appointment of Ms Fern ndez's chosen replacement for Mart n Redrado, who was fired as central bank chief for refusing to relinquish the funds.

For full text of the article: http://www.ft.com/cms/s/0/9b6ddedc-27f6-11df-9598-00144feabdc0.html

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