Banks will not lend again until their balance sheets are restructured and the legal uncertainties surrounding frozen deposits and loan repayments are reduced.

ECONOMIST: Argentina's economy

While the existence of frozen natural gas deposits -- especially in the Arctic region -- has been known for years, the USGS study is the first estimate of recoverable natural gas hydrates with current technology.

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Indeed, Cypriot bank demand deposits are frozen as the Cypriot government decides what to do.

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If the law is passed, account holders will deluge the courts with lawsuits, as happened when bank deposits were frozen during the 2001 collapse.

ECONOMIST: Argentina

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

Unemployment is heading for 18%, most bank deposits have been frozen since March, and the beleaguered government of President Jamil Mahuad has defaulted on some of its foreign debts.

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Only uninsured deposits in BoC will remain frozen until recapitalisation has been effected, and may subsequently be subject to appropriate conditions.

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The result is that demand for pesos is rising, so much so that restrictions on frozen current accounts were lifted in December and those on time deposits were loosened.

ECONOMIST: Argentina's economy

Deposits above 100, 000 euros, which are not guaranteed by the EU, will be frozen at both of the banks and a portion will be expropriated, though it was unclear how much of a hit uninsured depositors will be forced to take.

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