The first woman to reach the presidency of the Central Bank of Argentina (BCRA), Mercedes Marco del Pont, was appointed without any experience in macroeconomics, or in monetary policy, and policies respond to the wishes of the Government of Cristina Fernandez de Kirchner, according to several sources consulted by the U.S.
Embassy in Buenos Aires to write a profile of the head of the issuing bank. Contrary to liberalism promoted by the United States, Marco del Pont, "closely allied with CFK", is regarded as an "advocate of state intervention in the economy", in a confidential report sent to the State Department last year.
The Executive appoints the chairperson of the Central Bank's new monetary authority is an economist in Argentina, 52, graduated from the University of Buenos Aires and a master's degree at Yale (USA) on development. He was national representative (2005-2009), president of state-owned Banco de la Nacion Argentina, and opposed in the nineties to economic deregulation and privatization Oilfield Fiscales (YPF), which became a subsidiary of Repsol after landing Spanish oil company in Argentina.
Part of his philosophy is contained in the statements of last February, during a public ceremony in the city of Resistance: "We propose that we stop accumulating reserves, which does not regulate the entry of speculative capital that we stop to appreciate the type of However, worse do not understand that Argentina is different model is a model of recovery is here to stay productive.
" Marco del Pont became president of the Central Bank after the government dismiss the previous owner, Martin Redrado, allegedly for refusing to use U.S. $ 6.569 million of the country's monetary reserves for the payment of external debt, usage of Pont publicly endorsed. Officially, Redrado was removed from office for "misconduct and breach of the duties of public officials." The Minister of Economy, Amado Boudou, who messed up all his predictions about the new head of Central Bank, asked the embassy to ask the U.S.
Securities and Exchange Commission (SEC) more quickly in its opinion on Argentina's debt. The ambassador reminded the minister that the SEC is an autonomous body, independent of the executive. For the U.S. embassy, Cristina Fernandez named Marco del Pont "in a surprising move." The route of Marco del Pont holds no surprises: 2007un promoted in the year failed bill amending the statutes of the Central Bank that the issuer may, among other objectives, to accommodate the economic and social policies of the Government.
"Critics say the goal was to curb bank independence," says a cable. "Most of the reactions to the appointment of Mercedes Marco have been negative, and many focus on his alleged lack of experience in macroeconomics and monetary policy," the embassy said. A businessman asked by the embassy, George Mandelbaum, said the biggest charge came to him in the management of monetary policy in Argentina and "does not provide a serious BBCRA leadership." Javier Finkman, HSBC Group's management said it is a good economist, "but the area is the industrial economy.
Know very little about macroeconomics and monetary policy", which is lack of awareness, according to these sources. Finkman economic adviser informed the U.S. embassy fears that the new president of the issuing bank fully contributes to the plans of massive government spending "by allowing inflation to rise.
Carlos de Marcos, executive director JP Morgan, mentioned in the cables as a good economist willing to continue, in essence, the course of his predecessor, Martin Redrado, "who despite his reputation (rebel officer) led to extremely accommodative BCR positions with the wishes Government, so in that sense there will be no big changes.
" The director of financial services firm said that the export orientation of the economist in front of the Central Bank will allow the depreciation of the peso to levels that would not have approved Redrado. The opinion of Charles de Marco is shared by a private banker, whose grim prognosis on the future Martin Redrado includes the embassy in his office. 
Embassy in Buenos Aires to write a profile of the head of the issuing bank. Contrary to liberalism promoted by the United States, Marco del Pont, "closely allied with CFK", is regarded as an "advocate of state intervention in the economy", in a confidential report sent to the State Department last year.
The Executive appoints the chairperson of the Central Bank's new monetary authority is an economist in Argentina, 52, graduated from the University of Buenos Aires and a master's degree at Yale (USA) on development. He was national representative (2005-2009), president of state-owned Banco de la Nacion Argentina, and opposed in the nineties to economic deregulation and privatization Oilfield Fiscales (YPF), which became a subsidiary of Repsol after landing Spanish oil company in Argentina.
Part of his philosophy is contained in the statements of last February, during a public ceremony in the city of Resistance: "We propose that we stop accumulating reserves, which does not regulate the entry of speculative capital that we stop to appreciate the type of However, worse do not understand that Argentina is different model is a model of recovery is here to stay productive.
" Marco del Pont became president of the Central Bank after the government dismiss the previous owner, Martin Redrado, allegedly for refusing to use U.S. $ 6.569 million of the country's monetary reserves for the payment of external debt, usage of Pont publicly endorsed. Officially, Redrado was removed from office for "misconduct and breach of the duties of public officials." The Minister of Economy, Amado Boudou, who messed up all his predictions about the new head of Central Bank, asked the embassy to ask the U.S.
Securities and Exchange Commission (SEC) more quickly in its opinion on Argentina's debt. The ambassador reminded the minister that the SEC is an autonomous body, independent of the executive. For the U.S. embassy, Cristina Fernandez named Marco del Pont "in a surprising move." The route of Marco del Pont holds no surprises: 2007un promoted in the year failed bill amending the statutes of the Central Bank that the issuer may, among other objectives, to accommodate the economic and social policies of the Government.
"Critics say the goal was to curb bank independence," says a cable. "Most of the reactions to the appointment of Mercedes Marco have been negative, and many focus on his alleged lack of experience in macroeconomics and monetary policy," the embassy said. A businessman asked by the embassy, George Mandelbaum, said the biggest charge came to him in the management of monetary policy in Argentina and "does not provide a serious BBCRA leadership." Javier Finkman, HSBC Group's management said it is a good economist, "but the area is the industrial economy.
Know very little about macroeconomics and monetary policy", which is lack of awareness, according to these sources. Finkman economic adviser informed the U.S. embassy fears that the new president of the issuing bank fully contributes to the plans of massive government spending "by allowing inflation to rise.
Carlos de Marcos, executive director JP Morgan, mentioned in the cables as a good economist willing to continue, in essence, the course of his predecessor, Martin Redrado, "who despite his reputation (rebel officer) led to extremely accommodative BCR positions with the wishes Government, so in that sense there will be no big changes.
" The director of financial services firm said that the export orientation of the economist in front of the Central Bank will allow the depreciation of the peso to levels that would not have approved Redrado. The opinion of Charles de Marco is shared by a private banker, whose grim prognosis on the future Martin Redrado includes the embassy in his office.
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