Cristina Fernandez, President of Argentina
Argentina’s president, Cristina Fernandez, has issued a bill which has the purpose of nationalizing 10 of the country’s private pension funds.
She declared that this is a protective measure against the global financial crisis, and it is safer if the almost $30 billion of investments are administrated by state authorities.
The bill is yet to be approved by the Congress, but as the ruling party has the majority, it will probably get through.
This initiative came out of the President’s concern for the pensions of Argentinean citizens, but it is still highly criticized by the opposition who say this is only a governmental scheme meant to allow access to all the funds.
The 10 private pension funds are amongst the country’s largest investors, but the fact that they are private companies is not pleasing a big part of the population.
The nationalization of these funds is therefore considered a good idea by the population, by the union leaders and even by some of the pension administrators (although their majority is not very pleased with the bill).
The Argentinean Congress will discuss this bill sometime next week.
(2 votes, average: 5 out of 5)
Loading ...Posted under International, Politics
This post was written by Dana Ciucalau on October 22, 2008
Join and subscribe to our free daily digest
