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Argentina Seizes Pension FundsThis forum post is dated 08/16/10. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| Argentina Seizes Pension Funds STORY: From the floor of Argentina's stock exchange, traders watched as the country's benchmark index continued its plunge on news that private pension funds could be nationalized. President Christina Fernandez signed a controversial bill on Tuesday that would allow a government takeover of some $30 billion in pension funds. [Christina Fernandez, Argentine President]: "We are, sincerely I believe, at the end of an era at the world level, and I believe that what we are doing here today is a strategic decision in this international framework." The announcement drew applause - and drumbeats - from some who said the nationalization would guarantee pensions at a time of global market turmoil. But critics see the plan as a money grab for a tight budget year as a drop in commodities hits one of the world's top exporters of grain. Some workers took to the streets of Buenos Aires in protest. [Aida Bergerot, Protester]: "We are 11 thousand employees with families, and no one is giving us any explanation." Argentina suffered the largest ever government default in 2001. Its debt obligations are expected to reach $12 billion in 2009. The country has a history of raiding pension funds, leading to doubts the government would protect retirement money. The bill must still clear the nation's Congress, where it faces a bumpy ride. |
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