Argentine Banks To Close Friday On Swine Flu Concerns

July 8, 2009 12:14 p.m. EST

Buenos Aires, Argentina (AHN) - With more than 60 confirmed deaths in Argentina from swine flu, government officials have decided to shut down banks Friday in an effort to contain the virus that has already taken a bite out of the country's economic activity.

Thursday is the country's independence holiday and while banks and school are closed, the Interior Ministry declared banks would remain closed Friday, hoping the extended weekend will slow the spread of swine flu.

Government officials also said the winter holiday for schools, which usually begins in mid-July and lasts two weeks, will start now and go until the end of the month.

The economic fallout from the swine flu outbreak is widespread for Argentina as everything from the cancellation to sporting events and business meetings has occurred in recent days.

With government officials urging citizens to stay home over the extended holiday weekend, that just adds to the falloff in consumer spending.

Movie theaters have reportedly seen ticket receipts drop by a third in the past week.

Travel has nearly fallen in half in the past few days, which would cost the hospitality industry about $150 million a week, were the pace to continue.

Economic analysts' are estimating the economic impact at about $1.6 billion if the epidemic last a month.

There are a total of 2,485 officially confirmed cases in Argentina, the third highest total in the world according to the World Health Organization.