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By Fiona Ortiz

canada goose coats on sale BUENOS AIRES, Jan 6 (Reuters) Argentine President canada goose factory sale Cristina Fernandez asked uk canada goose Central Bank President Martin Redrado to resign on Wednesday, but he resisted, in a political confrontation over how to pay rising debt obligations. canada goose coats on sale

Canada Goose Jackets Redrado has refused to quickly Canada Goose Jackets hand over $6.5 billion of the country foreign currency reserves, three weeks after canada goose uk outlet the president ordered him to do so to use the funds to make debt payments at a time of a rising fiscal deficit. Canada Goose Jackets

Canada Goose Parka Argentina bonds, currency and stocks Canada Goose sale all fell on the news [ID:nN06138286], which increases political uncertainty at a time when the country has tried to assure investors that it is ready to return to global bond markets with a canada goose uk shop new debt issue eight years after its massive sovereign default. Canada Goose Parka

canada goose clearance sale is not abiding with the Canada Goose Online decisions of a cheap Canada Goose public official. He going to have to follow orders, cabinet chief Anibal Fernandez, no relation to the president, told C5N television. canada goose clearance sale

buy canada goose jacket cheap Anibal Fernandez said that the buy canada goose jacket cheap government could Canada Goose Outlet go to the courts to force Redrado out and that https://www.canadagooseoutleta.com he has already designated a new central bank head, economist Mario Blejer. buy canada goose jacket cheap

canadian goose jacket Traders said markets read the president attempt to push out Redrado as a sign of desperation as the government seeks funds for debt payments. canadian goose jacket

Argentine bonds and stocks had risen in recent months in anticipation of a $20 billion bond swap, which aims to mop up leftover defaulted canada goose black friday sale bonds and clear the way for the country to issue a major global bond.

canada goose Lower bond prices could increase the cost of borrowing for Argentina just as it is trying to issue the new bond and at a time of a rising fiscal deficit. canada goose

Opposition canada goose online shop lawmakers had opposed the plan to tap foreign currency reserves to buy canada goose jacket pay canadian goose jacket debt, and the Supreme Court had asked for an uk canada goose outlet explanation of canada goose clearance the plan.

Canada Goose sale Under the central bank charter, the executive branch can dismiss a member of the bank Canada Goose Parka board if the member refuses to fulfill duties, but must have canada goose a recommendation from a special Congressional committee. Congress is in recess currently. Canada Goose sale

OPPOSITION WARNS OF CRISIS Opposition leaders warned that if the president forces Redrado out that could create a political and constitutional crisis.

canada goose black friday sale Redrado can stay where he is. His mandate lasts until September and he canada goose store has the Senate backing. He is not an employee of the president of the nation, said opposition Senator Ernesto Sanz, of the Radical Civic Union party. canada goose black friday sale

Redrado, who has led the bank since 2004, has traditionally been less autonomous than other central bank presidents. His role is largely limited to administering the exchange rate to keep the peso from steep appreciations or depreciations and to guaranteeing liquidity in the private banking system. [ID:nN31243503]

Canada Goose Outlet Argentina debt obligations rise this year to $13 billion, and economists have estimated a funding gap of between canada goose uk black friday $2 billion and $7 billion. Canada Goose Outlet

Canada Goose online At the same time, the rate of growth in government income has shrunk canada goose coats on sale due to the economic slowdown. Canada Goose online

Some analysts said the impact of the conflict will be limited.

canada goose deals is a reminder of the inherent political and economic risks associated with the country. But dedicated investors know that this type of uncertainty is embedded in Argentina and Canada Goose online asset prices reflect that. There might be an initial impact on bond prices but we don expect a serious meltdown, said Nick Chamie, head of emerging markets research at RBC Capital Markets in Toronto. canada goose deals

canada goose store If the government cannot count on currency reserves to pay interest and principle on debt that come due this year it may have to dip deeper into its fiscal income this year. canada goose store

canada goose coats That could limit Canada Goose Coats On Sale social spending that is key to sustaining the popularity of Fernandez and her husband and top advisor, former President Nestor Kirchner. canada goose coats

cheap Canada Goose a great political error for the government to act this way and it shows they need funds now, not to cheap canada goose uk pay debt further ahead, said a foreign currency trader in Buenos canada goose clearance sale Aires, who asked not to be named. (Reporting by Jorge Otaola, Guido Nejamkis, Nicolas Misculin, Vivianne Rodrigues and Luis Andres Henao; Writing by Fiona Ortiz; editing by Padraic Cassidy and Jeffrey Benkoe) cheap Canada Goose.


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