The firebrand politician, whose tenure was dominated by sabre-rattling over the future of the Falkland Islands, is accused of embezzling funds earmarked for public works.

Despite positioning herself as a socialist champion for the poor, prosecutors allege tha the ex-president syphoned off money from the public purse to add to her own personal fortune.

Federal judge Clauido Bonadio said a scheme to inflate the Argentine peso by selling the central bank’s US dollars below market value would not have been possible without the ex-president.

Judge Bonadio said the state lost more than $5billion (£3billion), allowing buyers to make a big profit on transactions.