Argentines Protest Banking Freeze

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Last updated at: (Beijing Time) Saturday, December 29, 2001

Argentines Protest Banking Freeze

Thousands of cash-hungry Argentines took to the streets banging pots and pans in an outpouring of discontent early Saturday, demonstrating against a month-old banking freeze limiting cash withdrawals.

The spontaneous outburst marked the second such display of anger by Argentina's struggling middle class since a similar protest a week ago helped topple the presidency of Fernando De la Rua.

The protest began peacefully on Friday night only hours after Argentines flooded banks, forming long lines and shouting for their money after the government eased a five-day banking holiday that had shut off most routine financial transactions.

As the raucous pan-beating protest spread from barrio to barrio, thousands of people entered the Plaza de Mayo square fronting the Government Palace, scene of deadly riots last week. Hundreds more gathered outside Congress, but no violence was reported.

``Give us back our money!'' people chanted, while others voiced complaints about corruption in government. ``Out with the thieves!''

No riot police were visible outside either landmark government building, and the protest went on peacefully for hours. Many beat pans on balconies and entered the streets with children in tow.

Argentina's financial straits have already given rise to several different currencies, including government bonds issued by many of the country's provinces, now especially hard up for cash. In some parts of Argentina's interior, at least five different currencies circulate.

Long lines formed at many banks earlier Friday as Argentines sought to withdraw the equivalent of $250 a week allowed under a current partial banking freeze.

And thousands more flooded government offices around the capital in search of jobs promised as part of a work program unveiled earlier this week by Rodriguez Saa.

Nearly one out of five Argentines is out of work, and Rodriguez Saa has said he wants to re-ignite the economy by creating more than 1 million jobs paying around $200 a month.

Meanwhile, the Buenos Aires stock market reopened Friday for the first time since deadly rioting and looting forced Fernando De la Rua from office last week. The Merval Index of leading shares was off 7.8 percent at closing.

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