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Gold/Mining/Energy : Swing Trading Toronto Stock Exchange Listed Stocks

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To: Vitalsigns who started this subject	12/4/2001 5:25:17 PM
From: Vitalsigns	of 2773

From Bloomberg.com 3. Argentines Pulled $1.3 Bln From Banks Friday; Reserves Plunged Buenos Aires: Argentines pulled $1.3 billion from banks Friday, the biggest one-day withdrawal since before the nation tied its currency to the dollar in 1991. The central bank responded by using a record amount of reserves to shore up the banking system, new government figures show. The run on banks last week prompted the government over the weekend to limit cash withdrawals to $250 a week and ban most overseas transfers in a bid to avert a banking collapse and devaluation of the peso. Central bank reserves plunged $1.7 billion Friday, or by 10 percent as deposits fell and Argentines exchanged pesos for dollars. The new restrictions have stemmed the rush to pull savings, though depositors may withdraw as much as $1 billion a week, according to MA Broda y Asociados, a consultancy company. ``The deposit flight will likely continue, but at a slower pace,'' said Pablo Alvarez, an economist at MA Broda y Asociados. Also today of interest Argentine debt faces red-letter day on December 19 news.excite.com "I would not bet the ranch that Argentina is going to make this coupon payment, given their increasingly constrained financial situation," said Matt Ryan, an emerging markets portfolio Manager at MFS Investment Management, which does not hold Argentina bonds. The government has steadfastly vowed to make all its interest payments. But against a backdrop of dwindling tax revenues -- collection fell 11.6 percent in November compared with the same month a year earlier -- it is not only El-Erian who sees the logic of rerouting the Dec. 19 payment.

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