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Concerns Push Argentine Peso Down
By:
The Associated Press
Buenos Aires, Argentina –– Rising concerns over Argentina's banking system pushed the peso to a two-month low on Monday as worried investors and savers purchased dollars as a safeguard. The peso tumbled some 4 percent a day after the government announced the largest state-owned bank will take over three struggling provincial banks, falling for a second straight day to 3.55 to the dollar. The peso closed at 3.39 on Friday. The weakening currency has fallen steadily in recent days on news the country's financial system continues to deteriorate amid Argentina's most severe economic crisis in history. The peso's depreciation followed an announcement Sunday that Banco de la Nacion would take over the banks controlled by France's Credit Agricole after the Paris-based bank said it would not recapitalize the cash-strapped financial institutions. Analysts say banks in Argentina have lost billions of dollars as a result of the country's economic crisis, marked by a four-year recession, a steep devaluation and a six-month banking freeze. The battered peso has lost more than 70 percent of its value since January when it was allowed to float freely against the dollar. Before that, the peso had been pegged at one-to-one with the greenback for over a decade. FAIR USE NOTICE: This page contains copyrighted material the use of which has not been specifically authorized by the copyright owner. Global Action on Aging distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
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