Cristina Fernández , President of Argentina
The Argentinean Congress has agreed on the nationalization of the pension funds, despite the opposition’s contrary opinion.
The Government run by President Cristina Fernández de Kirchner has won yet another political battle yesterday, by obtaining the approval of the Congress on the nationalization of the pension funds.
With 160 votes for and 75 against , the controversial law project has eliminated the private pension funds and has reinstated a single pension system.
The law project will now go through to the Senate, where President Fernández hopes things will go fast and without any problems.
The Government said that the main reason for this whole process is that they wanted to stop the financial groups from charging such high account administration taxes.
The political debate on the extinction of the so-called Administrators of the Jubilation and Pension Funds went on with great difficulties and there have been virulent discussions between the participants.
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This post was written by Dana Ciucalau on November 8, 2008
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