Bonds Offered in Place of Frozen Bank Deposits
Argentina announced plan to slowly phase out a hated banking freeze, offering account holders a chance to convert billions of dollars in savings into bonds that mature in three to 10 years.
Economy Minister Roberto Lavagna promised the plan would “rebuild a financial system” near collapse, but critics noted that depositors would still have to wait years to get their savings back.
Depositors would have 30 days to accept the bonds or stick to an established schedule for banks to return the money in coming years.
The freeze imposed Dec. 1 sparked violent rioting that toppled President Fernando de la Rua.
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