Weekly Report - 09 August 2012 (WR-12-31)

President Cristina Fernández this week decreed the takeover for a 60-day period of Compañía de Valores Sudamericana SA (CVS), the only company (or institution) able to print the Argentine peso. Officially, the decision was taken so that the state could regain sovereignty over the printing of money; the opposition, however, argues that the takeover is part of a strategy intended to remove Vice-President Amado Boudou and the head of the tax agency (Afip), Ricardo Echegaray, from the eye of a corruption storm relating to the 2011 purchase of the company (better known for its previous name, Ciccone Calcográfica), which had declared bankruptcy in December 2010.