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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-21-08 09:47 AM
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Argentine pension takeover passed
Source: BBC News

Argentina's Senate has approved a bill to nationalise private pension schemes worth at least $23bn (£15.6bn).

The law was passed by the lower house of Congress earlier this month, in what was seen as a win for the government.

President Cristina Fernandez de Kirchner had said the move would protect the funds in the face of the global economic crisis.

>

The pension funds have lost nearly 20% of their worth in the past year, the government has said.

Read more: http://news.bbc.co.uk/1/hi/world/americas/7741021.stm
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enid602 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-21-08 09:55 AM
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1. reestatalizacion
Cristina just did it because the Argentine Federal Government does´not have enough funds to cover the foreign debt this year. The downside is that this nationalization of private funds will most likely negatively affect Argentina´s credit rating.
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