Bicentennial fund

The Bicentennial fund (Spanish: Fondo del Bicentenario) was created in 2010 in Argentina by then president Cristina Fernández de Kirchner, to pay external debt with resources from the Central Bank.

The 2010 year began with controversy surrounding the president's order that a US$6.7 billion escrow account be opened at the Central Bank for the purpose of retiring high-interest bonds, whose principal is tied to inflation.

Cobos replied instead that all regulations concerning decrees require the immediate advice and consent of Congress, that the body's by-laws (56 and 57) allow extraordinary sessions called by any member, and that the commission formed for that purpose functions at all times, even during recess.

[8] International media described the attempted removal of Redrado as authoritarian, while criticizing the planned use of reserves for debt retirement, as well as accelerating spending growth, as fiscally irresponsible.

Also in June 2010, she gave a speech at the International Trade Union Confederation (CSI) Global Summit, held in Vancouver, British Columbia, Canada, where she asserted "many Euro-zone countries today have applied the same policies that led Argentina to disaster (in 2001)", stating "it's an inescapable responsibility of the government to intervene in the financial system".