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In a blow to efforts to end a seven-month- old freeze on bank withdrawals that has paralyzed the economy and generated unrest, Argentina's government has had to abandon its latest plan to persuade savers to exchange their savings for government bonds.
With the one-month deadline to make the swap just expired, only 1 percent of the estimated $16.6 billion on deposit has been converted into bonds. Instead, savers have preferred to trade whatever pesos they can obtain for dollars, contributing to a dangerous and accelerating decline in Argentina's foreign reserves.
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