A complete suppression of the exponential decay in a qubit (interacting with a squeezed vacuum reservoir) can be achieved by frequent measurements of adequately chosen observables. The observables and initial states (Zeno subspace) for which the effect occurs depend on the squeezing parameters of the bath. We show these_quantum Zeno dynamics_ to be substantially different for selective and non-selective measurements. In either case, the approach to the Zeno limit for a finite number of measurements is also studied numerically. The calculation is extended from one to two qubits, where we see both Zeno and anti-Zeno effects depending on the initial state. The reason for the striking differences with the situation in closed systems is discussed.