P.M. BRIEFING : Argentine Measures Shut Banks
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BUENOS AIRES — Argentine banks and money trading institutions were closed today after the government ordered $3 billion in short-term savings certificates converted to medium-term bonds.
Banking and diplomatic sources were pessimistic about the outlook for the measures.
“We have to wait and see how the depositors react,” a Western banker said. “We may have a revolution on our hands.”
The source said the government of President Carlos Menem may have to drop or modify the plan before carrying it out.
What concerns Argentines most today, however, are continuing increases in prices and scarcity of such essential items as flour and sugar from supermarket shelves.
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