However, the financial crisis in 2008 reduced returns across riskier asset classes, which resulted in investors pulling their money out and parking them in safe asset classes (low yield sovereign treasury bonds, fixed deposits, etc).

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In addition to limits on ATM withdrawals, the measures allow authorities to restrict noncash transactions, freeze check cashing, limit withdrawals from bank accounts and even convert checking accounts into fixed-term deposits.

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Uruguayan officials hurriedly devised a more flexible alternative, which distinguishes between sound banks (which will operate normally) and unsound ones (some of whose fixed-term deposits are frozen until rescue measures are taken).

ECONOMIST: Latin America's economies

Its pressure may have swayed Hong Kong's banks to phase out fixed interest rates on deposits, and stockbrokers to end their cartel in commissions.

ECONOMIST: Antitrust in Asia

When money is collected by the bank it is first paid out to those in the upper tranches, usually as fixed-interest payments on deposits or bonds.

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