Government Shuts Down Banks Indefinitely
From Times Wire Reports
The Argentine government ordered an indefinite halt to all foreign exchange and banking transactions, saying it needed time to finalize a plan to bolster the troubled banking system.
The Central Bank announced the move as President Eduardo Duhalde works to slow a steady outflow of cash that Argentine officials say could spark a collapse of the country’s financial system.
Economy Ministry officials said the banking holiday would remain in effect until Duhalde and his economic team could complete a program to convert most savings accounts into bonds.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
