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Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (26939)	4/25/2002 5:38:18 AM
From: LindyBill	Read Replies (1) \| Respond to of 281500

Wow! Argentina is in "Free Fall". from todays NYT April 25, 2002 Freeze on Deposits Is No Holiday, Argentines Find By LARRY ROHTER BUENOS AIRES, April 24: It was only the third day of the indefinite bank holiday decreed by the Argentine government, but by this morning Gabino Jerez was already down to his last $100 and wondering what to do next. The banks were shut, the cash machines were empty, his friends and neighbors had no money to lend him, and now he could not even use a credit card to buy gasoline. "Argentina has been stopped dead in its tracks, and me with it," complained Mr. Jerez, 59, a taxi driver, as he waited forlornly for a fare at a street corner here. "We've lived through a lot of crises in this country, but the anguish of not having cash is something we have never felt before." This country of 37 million people has been crippled for months by the worst economic crisis in its history. But last Friday afternoon, after banks and many businesses closed for the weekend, the Argentine economy entered the financial equivalent of the Twilight Zone. To stop an accelerating flow of money out of bank accounts, President Eduardo Duhalde ordered that all bank transactions simply be halted until further notice. nytimes.com