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Argentina court: Bank depositors must be reimbursed for conversions in 2002 crisis

Argentina court: Bank depositors must be reimbursed for conversions in 2002 crisis

The Supreme Court ordered banks on Wednesday to reimburse depositors in local currency the total value of deposits originally held in U.S. dollars that were frozen during Argentina's 2002 economic meltdown, according to a court statement.
At the same time, the decision upholds the legality of the government's "pesification" decree in 2002, which froze bank deposits and forcibly converted dollar savings into devalued pesos.
The move, which had followed Argentina's default on its sovereign debt, was an effort to save the country's financial system from virtual collapse.