jueves, 2 de octubre de 2014

RESIGNATION OF PRESIDENT OF THE CENTRAL BANK OF ARGENTINA

On Tuesday after being found in contempt for Argentina American Justice and as is his custom, President Cristina Fernandez de Kirchner attended the speech with epic

Denounce a conspiracy of the USA
The USA itself indicted of attempted murder
Report a speculative attack vulture funds and local agents to force the devaluation
and other series of his own imagination conspiratorial acts.

Being very blurred in the indictment that speech that BCRA leaked information to the financial sector to encourage the speculative attack that came suffering.
One to watch that speech is missed that day the President of the Central Bank itself applauded that sentence without feeling alluded without understanding that they were asking the resigns.
This would be normal in this government if it were any official

INSTITUTIONAL VIOLATION

But with this attitude the independence of the Central Bank of Argentina is violent whose chairman is appointed for six years by the executive with the Senate and given the constitutional mandates is expected to cover two presidential terms of executive power to maintain its independence from the power of turn and fix monetary limits to administrative power.
Fabrega should have continued in office and face the onslaught of a ministry of economy that does not find him FISCAL DEFICIT FINANCING main problem, but his resignation confirms that since 2010 with the departure of Dr Martin Redrado president of the Central Bank he has acted in Appendix Executive

ANALYSIS OF MANAGEMENT JUAN CARLOS FABREGA

One asks him to stay, not only for efficiency but not validate the total loss of autonomy of the Central Bank for the benefit of the EXECUTIVE, because we must not forget that in the 315 days of his short tenure
BCRA reserves fell 3.500 million
50% Increase monetary issue
Increased 120% Stock Lebac
60% increase in the interest rate
Own gain reduced BCRA
Financio directly to the national treasury $ 77 billion pesos
The weight ratio by 60% devalued the dollar in all its management
Obviously the numbers speak for largely ineffective management

STRATEGY TO ESTABLISH THE LIC ALEJANDRO VANOLI 

Acting under directives from the Ministry of Economy 
The $ 150 billion projected fiscal deficit issue, including the violation of BCRA regulations for temporary advance 
No monetary issue new tenders sterilized via Lebac 
Down the interest rate 
It will issue a bond compulsive private banks to refinance the stock Lebac term maturities and stretch 
Regulate the financial system lending rates 
It will have a police and penal control the operation of the dollar against blue and counted against liquidation 
Prohibit the publication quoted the dollar than the officiating

CONCLUSION

His resignation does not recognize their own incompetence for the position, but by the public order of renunciation of self President of the Republic with which violent and little autonomy directly BCRA that had been observed.
Leave room for the appointment of Lic. Alejandro Vanoli an official without autonomy, that his appointment is politically active and devoid of all monetary technical knowledge to be in front of the Central Bank, and a police approach to the problem of the economy