Weekly Report - 6 November 2008 (ISSN 1741-7422)

ARGENTINA | Pension reform. Argentina's 10 private pension funds (AFJPs) made what looks like a futile bid to save themselves this week. They sent a provisional reform proposal to legislators, trade unions and chambers of commerce. They proposed the elimination of commission charged on pensions in months in which the investment makes no profit; the creation of a second capitalisation fund, with less risky investments for elderly citizens; and the free choice for pension holders between the private system and the state system. President Cristina Fernández savaged the proposals. “Why now, after 14 years [since privatisation]?" she said. The government has given the AFJPs until the end of the week to repatriate US$600m of shares in other member countries of Mercosur, the vast majority in Brazil.

End of preview - This article contains approximately 188 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial