In the early hours of Monday morning in Buenos Aires, before banks had opened th...
BUENOS AIRES - In the early hours of Monday morning in Buenos Aires, before banks had opened their doors, winding lines of customers waited to withdraw savings after Argentina’s government imposed capital controls restricting dollar purchases and transfers.
“This is a time when we are getting a lot of surprises. Tomorrow we might wake up and see that everything has changed,” said college student and part-time worker Catalina Pedace, 25, as she waited in line outside a bank in downtown Buenos Aires.In the crises of 1989-1990 and 2001-2002, many Argentines were blocked from withdrawing their money in so-called “corralitos,” a local term that refers to banks restricting withdrawals.
The primary results triggered a collapse in investor confidence and sent stocks, bonds and the peso currency tumbling. The peso currency has lost almost a quarter of its value versus the dollar since the vote.Then on Sunday he authorized currency controls, a stunning about-turn for the pro-business leader who had formerly pledged to reverse the protectionist policies of his predecessor, former President Cristina Fernandez de Kirchner.
“The instability and the lack of information generate fear, and I think that many of us are acting because of that fear of not knowing what could happen,” Pedace said. “All the systems are down. There are so many people that you can’t even walk through,” Pablo Ferro, a 41-year-old lawyer, said.
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