Friday, May 13, 2016


Ex-Argentine leader Cristina Fernandez indicted in central bank case

Former Argentine President Cristina Fernandez was indicted on Friday over accusations that she oversaw irregularities in the central bank's sale of U.S. dollars in the futures market while she was in office.

Federal Judge Claudio Bonadio charged Fernandez, her former economy minister Axel Kicillof and former central bank chief Alejandro Vanoli with "unfaithful administration to the detriment of public administration," according to court papers.

The ruling, which gives a green light for prosecutors to put Fernandez on trial, may be appealed. There was no arrest warrant.

The accusation is that the central bank took billions of dollars worth of money-losing positions in the futures market ahead of a widely expected devaluation of the Argentine peso.

Fernandez, who heads a large faction of the Peronist party, stepped down in December at the end of her second term.

Her successor, Mauricio Macri, won the presidency on a platform of ditching currency controls that he said were strangling the economy. Since lifting the controls in mid-December the peso has weakened by about 30 percent to 14.1575 per U.S. dollar.

Fernandez last month accused the Macri government of political persecution after testifying in court about the central bank's dollar-buying operations.

The transactions referred to in the case involved $5 billion to $17 billion, according to court papers published by Argentina's Judicial Information Center (CIJ).

"It's impossible to believe that a financial operation of this size ... could have been carried out without the approval of the highest executive level of the national government," the ruling said.

Fernandez is revered by millions for the generous welfare programs she offered while in office and reviled by others for economic policies such as nationalizing businesses and placing heavy-handed controls on the economy.

"The indictment was not unexpected, but politically, it creates noise," said Ignacio Labaqui, who analyses Argentina for emerging markets consultancy Medley Global Advisors. "Peronism is going through a leadership crisis and this could make the divisions within the party more acute."

The indictment of Fernandez came a day after the president of neighboring Brazil, Dilma Rousseff, was suspended from office by the Senate while she is tried on charges of breaking budget rules.

Tags : , ,



The idea behind the text.
Respect for the truth is almost the basis of all morality.
Nothing can come from nothing.

Popular Topics


Well, the way they make shows is, they make one show. That show's called a pilot. Then they show that show to the people who make shows, and on the strength of that one show they decide if they're going to make more shows.

Like you, I used to think the world was this great place where everybody lived by the same standards I did, then some kid with a nail showed me I was living in his world, a world where chaos rules not order, a world where righteousness is not rewarded. That's Cesar's world, and if you're not willing to play by his rules, then you're gonna have to pay the price.

You think water moves fast? You should see ice. It moves like it has a mind. Like it knows it killed the world once and got a taste for murder. After the avalanche, it took us a week to climb out. Now, I don't know exactly when we turned on each other, but I know that seven of us survived the slide... and only five made it out. Now we took an oath, that I'm breaking now. We said we'd say it was the snow that killed the other two, but it wasn't. Nature is lethal but it doesn't hold a candle to man.

You see? It's curious. Ted did figure it out - time travel. And when we get back, we gonna tell everyone. How it's possible, how it's done, what the dangers are. But then why fifty years in the future when the spacecraft encounters a black hole does the computer call it an 'unknown entry event'? Why don't they know? If they don't know, that means we never told anyone. And if we never told anyone it means we never made it back. Hence we die down here. Just as a matter of deductive logic.