Thousands of Argentines Rush to Uruguay to Rescue Savings

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Last updated at: (Beijing Time) Tuesday, August 06, 2002

Thousands of Argentines Rush to Uruguay to Rescue Savings

Thousands of Argentines left their capital on Monday for Uruguay's cities of Montevideo and Colonia to rescue their deposits in banks of the neighboring country.

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Thousands of Argentines left their capital on Monday for Uruguay's cities of Montevideo and Colonia to rescue their deposits in banks of the neighboring country.

On Monday morning, thousands of Argentine savers queued at the Buquebus ferry terminal and other transport terminals to head for Uruguay.

After one week's suspension of banking operations ordered by the Uruguayan government because of a serious financial and banking crisis, Uruguayan banks reopened their doors Monday to resume business and operations, official announcements said.

Uruguay shut down all private and state banks last Tuesday after weeks of panicked withdrawals by depositors. The country is struggling with its fourth year of recession, further aggravated by the financial turmoil in neighboring Argentina.

Every private bank, with the exception of four that were suspended due to financial problems, could supposedly return deposits.

The Uruguayan government Sunday announced that the 1.5 billion US dollars offered by the International Monetary Fund (IMF) to help relieve the crisis had arrived in the country.

Official figures indicate that until now, 2.2 billion dollars deposited in Uruguayan banks belong to Argentine savers.

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