The Argentinian government has taken measures to restrict the amount of money citizens can take from their bank accounts in a bid to stabilise the economy. The growing financial crisis in the country has made people fearful that the Argentinian Peso might soon devalue, prompting them to convert their savings.

As of Monday December 3 however, Argentines were stopped from withdrawing more than $250 a week in cash from their bank accounts. Any amount over that must be spent by cheque, credit card or debit card. Transfers abroad have also been restricted. No more than $1,000 in cash can be taken out of the country by individuals, while companies now need official clearance to make foreign payments above $1,000.

Argentina has been struggling to restructure its debt for most of the year, but the government recently succeeded in swapping about $40 billion in bonds held by local banks and pension funds. The amount was at the high end of expectations and means that bondholders will accept a delay in interest payments, giving the government some breathing space.