Board-Ansicht
Mix-Ansicht- Of things to come..... - Popeye, 04.08.2002, 09:23
Of things to come.....
Uruguay asks Congress to approve
deposit freeze
August 03, 2002 05:42 PM ET
MONTEVIDEO, Uruguay, Aug 3
(Reuters) - Uruguay's government
sent a bill to Congress on Saturday
that would partially freeze some
bank deposits to halt a harrowing
financial crisis that has sparked
looting and a sharp tumble in its
currency.
As the tiny South American nation
of 3 million people awaited official
confirmation of a U.S.-led financial
aid package to stabilize a
deepening recession, Congress was
expected to give approval to the deposit freeze by Sunday.
Uruguay's agriculture, tourism and banking-based economy has been
ravaged by spreading fallout from financial crises in neighboring giants
Brazil and Argentina.
Desperate to halt a run that has seen a third of savings pulled from
banks this year, the government closed all banks for most of last week
and then said on Friday some fixed-term deposits would not be returned
for up to three years.
Economy Minister Alejandro Atchugarry told reporters the government
would not divert any more funds to rescue banks crippled by low
liquidity after the deposit exodus.
"The government will not invest another cent in maintaining banks,"
Atchugarry said."Once we reopen banks, the main concept will be that
every bank that opens should be able to meet liquidity requirements set
by the Central Bank."
The cash crunch following the bank closure sparked some looting of
supermarkets late last week, the worst violence in a decade in a country
normally known for its social and financial stability in an otherwise
tumultuous region.
The streets of the riverside capital of Montevideo were calm on
Saturday, however.
Atchugarry said the suspension of bank activity might be lifted on
Monday, depending on whether Congress approves the deposit freeze
and the arrival of definitive news on a multilateral aid package.
A U.S. Treasury spokesman said on Friday that aid talks with Uruguay
had been fruitful and that the United States backed aid from multilateral
lenders such as the International Monetary Fund. The IMF said an
announcement on Uruguay could be made over the weekend.
Uruguayan senators from the ruling coalition said on Friday they had
been told by President Jorge Batlle that the aid would total $1.5 billion.
Quelle: Reuters
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