Panic run on Argentine banks

verfasst von marsch, 01.12.2001, 13:14

BBC-News, Friday, 30 November, 2001, 23:23 GMT
<font size=4>Panic run on Argentine banks</font>

Devaluation and dollarisation rumours, along with fears that bank deposits be frozen, have sparked panic withdrawals of cash from Argentina's banks.
The authorities seemed powerless as interbank interest rates rocketed to 700% on Friday amidst fears the banks were running out of cash.

"Deposits and the value of the peso and dollar in Argentina are untouchable and guaranteed. Those who disbelieve or mistrust will end up losing out," economy minister Domingo Cavallo said."

"Argentines will realize it is much better to keep our cash in the bank."

Fear

At least $2.5bn was withdrawn by savers by 27 November, with daily withdrawals peaking at $800m.

"We are seeing a run," said a banking analyst at the rating agency Fitch, Ana Gavuzzo.

"It is being rumoured there will be some sort of restrictive measure to ensure deposits are available."

"This is about fear, terrible fear, that was set off today," said a bank analyst.

Shares fell to new lows as the fear spread to the financial markets.


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