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Court rules in favor of Argentine consumers.

During the financial crisis of 2001-2002, Argentina's banks froze the savings accounts of its depositors on orders from the government. The freeze was maintained through a number of different strategies, and now Argentina's Supreme Court-five years later-has finally ruled on the matter. The Inter Press Service News Agency (IPS) (Rome) reported on December 28, 2006, that depositors would be allowed access to their funds.

The IPS wrote, "that the banks must reimburse account-holders with an amount equivalent to the real value of their savings in December 2001."

The move affects an estimated 50,000 Argentine consumers.

There was immense relief among savers, said the IPS but not everybody was happy. One source close to the matter interviewed for the IPS story said, "They are returning our capital, but what about the cost of keeping that money immobilized for five years?" Deaths and illness were also attributed to the frozen funds.

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Publication:Market Latin America
Article Type:Brief article
Geographic Code:3ARGE
Date:Jan 1, 2007
Words:150
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