Argy-bargy

There's a major row going on in Argentina where President Cristina Fernandez is desperate to regain access to capital markets for her country, eight years after the largest sovereign debt default in history ($100bn). Argentina now has $20bn debt and President Fernandez wants to repay $6.5bn of that, using funds from the central bank. However, the central bank governor, Martin Redrado, refused this request. The President was so annoyed by this that she fired him and issued a Presidential decree authorising the use of reserves to repay debt. Unfortunately for her, both these actions were overturned by injunctions, leaving the President's authority in limbo, and Redrado back in his job. The government will fight its case in the Supreme Court. Meanwhile Argentine bond prices have dived 10%.