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'Debt payment guaranteed,' Cabinet Chief says
Buenos Aires Herald
January 31, 2010

Cabinet Chief An bal Fern ndez repeated that the Bicentennial Fund "guarantees" the US$6.5 billion payment, and that the operation looks to create "predictability and lower interest rates" when taking money from the international markets.

"The Bicentennial Fund has many purposes, and debt payments will be met without any inconvenience," Fern ndez said.

The Cabinet Chief also explained that on the day the Bicentennial Fund was officially introduced, the country risk level "went down from 1072 to 670 points," which means the government and private corporations will be able to borrow money on lower interest rates.

Regarding Redrado's resignation as CB chief, he said he "historically refused to accumulate CB reserves," for which "many times he had "tendered his resignation."

"When I called him to tell him the president had finally decided to accept it, he refused to do it," explained Fern ndez, and added that "he then requested to be removed from office according to CB regulations."

On a radio interview, the cabinet chief explained the reasons why the government will not take the ousted CB chief's resignation while waiting for the special congressional committee's advice on the situation to President Cristina Fern ndez de Kirchner.

Fern ndez also went on to highlight that when Redrado refused to allow the use of US$6.5 billion from CB reserves to meet debt payments, "things didn't make a turn for the worse because of a strong argentine economy."

He stated that the President's decision to remove him was "completely accurate," because no one should be able to "play with the market."

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