Some VERY good year-end news for Argentina

i know several people who were caught up in this and suffered severe financial losses as a result... i'll be interested to hear their reaction and will post when i hear...

The Supreme Court in Argentina has ordered the country's banks to repay in full savings that were frozen during the economic crisis of 2001-02.

The government had frozen US dollar accounts held by some 50,000 depositors then forcibly converted them to devalued pesos.

The court upheld the government's right to issue that decree.

Its ruling gives savers the same amount in pesos their savings had been worth in dollars when the crisis ensued.

With this ruling, the Supreme Court hopes to help lay to rest the years of anger and financial hardship caused by the economic crisis.

At that time, investors were caught up in a series of government decisions.

Firstly, it froze bank accounts and then forcibly converted any accounts held in dollars into devalued pesos.

Until the financial crisis, Argentina had pegged its currency at a rate of one to one to the US dollar.

In the midst of the economic meltdown, it dropped that peg; the Argentine peso went into freefall and eventually settled at about three pesos to the dollar.

In other words, account holders lost two-thirds of their money and they have been campaigning ever since for its return.

stay tuned...

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