The Rumor has been Confirmed: Kicillof is Economic Minister

ARGENTINA - In Brief 19 Nov 2013 by Esteban Fernandez Medrano
As we mentioned in our market brief on October the 28th, after the mid-term elections, there have been rumors that that Hernán Lorenzino would be stepping down as Economic Minister and being replaced by Vice Minister Axel Kicillof. The rumors were that such change would be announced once Cristina Fernández de Kirchener returned from her medical leave of absence. With yesterday’s return to work, after six weeks, the president officially confirmed such rumors.  The main changes are:Jorge Capitanich, Governor of the Province of Chaco, will replace Abal Medina as Chief of Cabinet.Axel Kicillof, current Vice Minister, has been promoted to Economic Minister.A special debt restructuring unit will be formed at the Economic Ministry headed by former Economic Minister Hernán Lorenzino, which additionally will be proposed to the Senate as Argentine Ambassador to the European Community. Carlos Fabrega, president of state-run Banco Nación, will be assigned as intern president of the Central Bank. Juan Ignacio Frurlan, currently heading Banco Nación Insurance Group, will be promoted to president of Banco Nación.The announced changes reaffirm the direction of the economic policy implemented so far. As we said in previous reports, it should be read as an indication that the government, for the time being at least, does not plan to change its path. It did not perceive the mediocre result of the mid-terms elections as a voters request for change. After all, from the government’s point of view, the main result were to seal that her mandate ends in two years’ time, but also that she maintains, so far, the majorities on both Houses.   In that sense, if the constitutional reform was a possi...

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