As the Argentine government advances its plans to nationalise private pension funds, depositors fearing that their savings could be the next target have been voting with their feet.

Foreign-currency deposits by non-residents - mostly Argentines - in banks in neighbouring Uruguay have been increasing. Martín Tanco, CEO of the Uruguayan operations of Argentina's Banco de la Provincia, told the FT that Argentines' dollar deposits in his bank had risen up to 20 per cent in the past fortnight and "I think that will increase".