There are several reasons why what they are trying to do is wrong.
Institutionaly:
The central bank is an autonomous institution (that is, autonomous from the executive). Its main goal is to "protect the value of the currency". The president of the BC cant receive direct orders from the executive and cannot use the reserves for other purposes such as paying the foreign debt (the debt is to be paid with "genuine savings" that come with commercial superavit).
Granted, this being Argentina the rules are often broken, and the reserves were already once used to pay the IMF, which was as wrong then as it is now, but at least back then the proper legal and institutional channels were used. Which brings me to the next point.
Legally:
Basically Cristina just went ahead and decided to avoid all the required process that are required to liberate the reserves. Why? Simple, the lost the election back in June and with it the majority in the deputies chamber. So instead of playing by the rules she tried to pull off two DNUs (decretos de necesidad y urgencia), one to liberate the reservers and another one remove the president of the BC. Fortunatly a judge has frozen this two DNU which are not on stand by.
Politically:
The debt should be paid no doubt about that, but this is clearly not the way. In any case even if they finnally pull it off we cant be certain they will actually pay the debt. They will take a big chunk of money from the BC, that since is not contemplated in the budget for this year, is just money which they can used in whatever way the want. They may pay some of the debt or nothing at all. I doubt this will open the worlds credit market for us and the Ks would have much better use of the money if they keep it to buy loyalties in the country.
