P.M. BRIEFING : Banks Closed in Buenos Aires
Banks were ordered closed today for two days after the sudden resignations of Economy Minister Erman Gonzalez and Central Bank President Javier Gonzalez Fraga.
Although no reason was given for the resignations, analysts attribute the Cabinet crisis to a run on the U.S. dollar and general instability in the administration of President Carlos Menem.
Gonzalez’s resignation was announced Monday night by the government news agency Telem, while Gonzalez Fraga said today in an interview in the newspaper Ambito Financiero that he was quitting.
What precipitated the crisis was apparently a sudden drop in the value of the austral in relation to the U.S. dollar.
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