kirchner was reelected in 2011, along with amado boudou as vice president. hernán lorenzino became the new minister of economy. the government established currency controls that limited the power to buy or sell foreign currencies, especially american dollars. many argentines kept their savings in dollars as a hedge against inflation. the government believed the controls were required to prevent the capital flight and tax evasion. axel kicillof was appointed minister in 2013, and served for the remainder of kirchner's term. he arranged payment of the debt to the paris club, and the compensation requested by repsol for the nationalization of ypf. one month later, negotiations with hedge funds failed, and american judge thomas griesa issued an order that argentina had to pay to all creditors and not just those who had accepted a reduced payment as outlined in the argentine debt restructuring plan. kicillof refused to agree that the country had fallen into a sovereign default.