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THE WORLD | IN BRIEF / ARGENTINA

Government Shuts Down Banks Indefinitely

April 20, 2002|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.

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