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Argentine Supreme Court Orders Repayment of Bank Accounts

HeadlineDec 28, 2006

In Argentina, the Supreme Court has ordered banks to repay the life savings of thousands of people locked out during Argentina’s economic collapse of five years ago. At the time, the Argentine government froze U.S. dollar accounts and forcibly converted them to devalued pesos. On Wednesday, the court upheld the government’s right to freeze the accounts but said account holders must be paid back at the current exchange rate.

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