{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='New measures to rescue Argentine economy' data-url='/boclips/videos/5c54bd85d8eafeecae134ccd' data-video-url='/boclips/videos/5c54bd85d8eafeecae134ccd' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nNew measures to rescue Argentine economy\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Exterior of Ministry of Economy2. Various of Press Room with minister Domingo Cavallo.3. SOUNDBITE: Domingo Cavallo, Finance Minister (Spanish/Nat) \"We have had to implement a temporary limitation to the amount of cash withdrawn from...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Exterior of Ministry of Economy\u003cbr/\u003e2. Various of Press Room with minister Domingo Cavallo.\u003cbr/\u003e3. SOUNDBITE: Domingo Cavallo, Finance Minister (Spanish/Nat) \"We have had to implement a temporary limitation to the amount of cash withdrawn from the banks. During this 90 days, the maximum cash available for a single person will not exceed 250 pesos (us Dollars) per week.\"\u003cbr/\u003e4. Cutaway\u003cbr/\u003e5. SOUNDBITE: Domingo Cavallo, Finance Minister (Spanish/Nat) \"The people in Argentina are as dolarized as they want to be, and we are making it even easier. What we are ruling out here is to eliminate the Argentine peso by a decree. Why does one have to eliminate a currency. If people don't want to use they don't, they can always choose dollars. The convertibility system has given the Argentinians free will to choose the currency they want to use. This free choice system has eliminated inflation in this country.\"\u003cbr/\u003e6. Cutaway \u003cbr/\u003e7. SOUNDBITE: Domingo Cavallo, Finance Minister (Spanish/Nat) \"The banking system in this country is solvent. The only problem it has suffered recently is that of capital flight, which scared people who then withdrew their deposits and this has made interest rates rise. This is prejudicial to the industrialist and businessman, especially those who owe money to banks. And also it is harmful to the banks because they have to pay higher interest rates. So it is in the best interest of bankers, its clients and money savers to ease these problems, and these new economic measures help to solve them.\"\u003cbr/\u003e8. Cutaway to Buenos Aires Stock Market\u003cbr/\u003e9. SOUNDBITE: Domingo Cavallo, Finance Minister (Spanish/Nat) \"All this is to preserve the integrity and value of people's savings and to facilitate payments with more secure and advanced systems \u003cbr/\u003eand with the debit card payment system people will pay less VAT (Value-Added Tax - a tax on the sale of certain goods)  tax thus will be able to consume more. So everything we do, we do it for the people.\"\u003cbr/\u003e10. Cutaway to press room.\u003cbr/\u003eThe Argentine government announced emergency measures on Saturday, limiting cash withdrawals and the amounts Argentinians can send abroad in an effort to prevent a financial collapse.\u003cbr/\u003eThe measures announced by Finance Minister Domingo Cavallo came a day after thousands of Argentines lined up to withdraw their savings from banks amid deepening fears their accounts would be frozen. The economy is in its 42nd month of recession.\u003cbr/\u003eThe plan is to last for 90 days, limiting cash withdrawals to $250 a week and restricting transfers abroad to $1,000 a month, Cavallo said. Argentines could continue to access the rest of their savings using debit cards, credit cards, or checks, he said.\u003cbr/\u003eBanking officials hope the measures will bring an end to the steady withdrawals of the past few weeks and prevent a collapse of the peso.\u003cbr/\u003eThe Argentine peso has been pegged one-to-one with the dollar since 1991, but the system is based on having the same number of pesos in circulation as dollars in reserve. The heavy withdrawals of dollars, nearly $700 million on Friday alone, throws the currency peg off balance and threatens the value of the peso.\u003cbr/\u003eArgentina is trying to cut spending to make payments on its $132 billion debt.\u003cbr/\u003eA day after Argentines pulled nearly $700 million from the banking system, many ATM machines in Buenos Aires stopped dispensing dollars early Saturday.\u003cbr/\u003eTwelve years ago, then-President Carlos Menem froze bank deposits to stem a run on the banks as hyperinflation and economic chaos enveloped the country.\u003cbr/\u003eThis week the stock market fell to a 10-year low as Argentines began pulling out their savings from banks.\u003cbr/\u003eThe withdrawals continued a months-long slide in bank deposits. Banks in Argentina have lost $14.5 billion or 17 percent of their deposits since January.\u003cbr/\u003eA sharp decline in central bank reserves, coupled with the cash-strapped government's decision to issue more than $2 billion in negotiable scrip (special government bonds) to pay thousands of state workers, has added pressure on the peso.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv 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