In case you were wondering why Argentina hit the ‘full panic’ button late last week with interventions and promises of “painful” austerity to solve its currency collapse crisis, look no further than this chart…
As Bloomberg notes, Argentines pulled about $490 million dollars from personal savings accounts in the final two days of August, when the peso reached a record of 41.6 per U.S. dollar.
This is the biggest drop in 15 months as Argentina’s Reserves have tumbled back to pre-IMF bailout levels…
It is evidently very clear that the collapse of the Argentine peso is making the country’s citizens nervous… and the bank run has begun.
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