Sergio Palazzo, head of the bankers union (Photo via Argentina23)

I hope you managed to store a sizable wad of cash in your wallet, because banks won’t be available today or tomorrow; it will also be impossible to get anything done on Wednesday, though not for the same reasons. The head of the bankers union, Sergio Palazzo, ratified yesterday the measure for today and tomorrow. Additionally, Palazzo confirmed his organization’s support of the march against the government’s policies, spearheaded by Hugo Moyano for Wednesday.

Palazzo explained that the strike comes as a result of the union’s rejection of the Argentine Banks Association’s offer of a nine percent yearly increase, when the inflation that the Central Bank is expecting for 2018 is over ten points above that. “I apologize for the strike and ask for the people’s understanding. They’ve left us no other alternative,” said Palazzo in a radio interview. He added that at this point, the negotiations have come to a complete standstill.

The union leader went on to say that bank workers have always been paid “the year’s expected inflation rate, in a single payment, but now they have offered us a nine percent increase and told us that once the inflation surpasses that figure, they will update the payments.” “If they offer to pay us 19.4 percent like the Central Bank says, along with a ‘trigger clause’ that is retroactive to the day when we signed the agreement, then all will be good. We’ll sign and there won’t be a problem,” he added.

Taking into account today and tomorrow’s protests, the banks reminded its customers that they will be able to make money transfers and payments through home banking and use their debit and credit cards normally, as well as the different alternative methods to get a hold of cash. To find out how to do that, check out this article by The Bubble.