Argentine president drops efforts to plunder reserves


Cristina Fernández, Argentina's president, on Monday backtracked plans to use central bank reserves to repay $6.6 billion to creditors.

Fernández told the Argentine Congress that she would no longer set up a debt repayment fund, blaming legal tensions, though she still planned to use some of the reserves.

The president's comments come after an appeals court last Wednesday upheld an injunction taken out on 8 January by Martín Redrado, the central bank's former governor, who resigned in February o

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