Argentina's President Eduardo Duhalde has chosen a new finance minister to guide the country out of its four-year recession, as the banks open for the first time in a week. 

A government spokesman told reporters Argentina's ambassador to the European Union, Roberto Lavagna, agreed to begin his new duties Saturday after brief talks with the president in Buenos Aires this morning. 

The announcement came shortly after the country's banks reopened for limited operations for the first time in a week. Under rules imposed by Argentina's Central Bank on Thursday, bank customers will find it virtually impossible to withdraw their money. The new rules also prevent depositors who win lawsuits against the banks from collecting their money until the government has a chance to appeal. 

Last Friday, the Central Bank ordered banks closed indefinitely to prevent collapse of Argentina's financial system. 

The 60-year-old Lavagna is Argentina's former commerce secretary and supports strong trade and financial ties with the international community. Mr. Lavagna replaces Jorge Remes Lenicov, who resigned Tuesday after Congress disagreed with the government's proposals to handle the ongoing fiscal crisis. 

Some information for this report provided by AP, AFP and Reuters. 

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