A bill to nationalize more than US$26 billion in private pension funds was approved by the Argentine Senate late on Thursday after clearing the Chamber of Deputies earlier this month, and was headed to Argentine President Cristina Kirchner for her signature.
The measure, a flashpoint of controversy since Kirchner last month announced her intent to nationalize 10 bank-owned pension funds to protect retirees from the effects of the global financial crisis, was approved by a 46 to 18 vote in the Senate.
Kirchner defended the plan at last weekend’s G20 summit in Washington, saying the 1994 privatization of Argentine pension funds was responsible for “42 percent of external debt” and played a large part in Argentina’s 2001 default on its international debt obligations.
Argentina’s private pension funds cover 9.5 million workers — of whom only 3.6 million meaningfully contribute — and lost 17.5 percent of their worth, some US$8.1 million, between October last year and last month, the government said.
Opponents say the plan confiscates funds that would be used to pay the national debt.
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