Argentine Leader Grants Vast Powers to Adviser

By: AP Email
By: AP Email

BUENOS AIRES, Argentina (AP) - Argentina's president has granted vast new power to one of her advisers, a young economist who was the brains behind the takeover of Argentina's oil company.

Axel Kicillof is now responsible for managing the state's investments in private firms - a position that could give him a powerful role inside companies that drive the economy.

President Cristina Fernandez also put Kicillof in charge of a commission responsible for implementing the country's new energy policy on Friday. The commission has the power to set oil and gas prices, and companies will be obligated to open their books to auditors who can apply sanctions if they don't meet the government's investment goals.

Oil industry expert Daniel Bosque says it sends a bad signal to companies already feeling government pressure.

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