July 3, 2015 11:49 am
“Corralito” is a Spanish word used for the economic measures taken in 2001 in Argentina, when the government limited cash withdrawals from banks in a desperate battle to stop a run on banks and a huge devaluation.
The word “corralito” is the diminutive of “corral” which means “pen, playpen, animal pen” and is used with the meaning of “confining” or “small enclosure” due to the constraints imposed by the government by not allowing getting money from the banks. Given the fact that this extraordinary situation was well known all over the world, since that moment the term came to mean the corralling or ring-fencing of bank deposits.
This same situation of “corralito” is currently happening in Greece, and the term is being used by the media in all languages to describe the circumstances. The Greek economy has ground to a halt, and while the future of the country is being decided by a referendum this Sunday, the government has determined to close the banks temporarily and impose this also called “capital controls” with a limit for cash withdrawals of 60 euros per day.
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Written by Isabel Beldad; journalist, social media expert and editor. Communication trainee at TermCoord.
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