raffy
Dec 11, 01, 5:06 pm
Argentina: Now in its fourth year of recession, Argentina is on the brink of economic collapse and its citizens in near panic, swarming banks trying to withdraw their money before it loses value. To stop the run on banks and prevent their collapse, the government imposed a $250 weekly limit on the amount of cash that can be withdrawn for the next 90 days. Steps have been taken that may lead to the U.S. dollar replacing the local currency, a move that could see the dollar become the de facto currency of all of Latin America in years to come. During the immediate period of uncertainty, protests could erupt, and widespread demonstrations are possible.