Uruguay set to receive IMF money to avert crisis

URUGUAY - Uruguay was yesterday set to receive $1.5bn (£950m) from the International Monetary Fund and impose limited restrictions on bank withdrawals in an effort to avert a collapse of its once-vaunted financial system.

The country's banks, which were due to reopen today for the first time in six days, have lost more that 40 per cent of their deposits as the confidence crisis in Argentina spread to neighbouring countries.

The crisis-hit region prepared for the arrival last night of Paul O'Nei

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