Argentina rush to contain rage over bank deposits

ARGENTINA - Argentina's new government rushed on Monday to soothe public rage over its decision to drastically reduce the dollar value of bank deposits, saying it was studying measures to ease the pain.

After announcing over the weekend that deposits made in U.S. dollars would have to be returned in devalued pesos due to a chaotic recession that is now in its fourth year, officials debated how favourable an exchange rate to use.

The decision to switch dollars to pesos at parity, the official 1.40

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