Rules igry26-10-2008 When you do not have enough money - take up the retirement savings Argentine President Cristina Kirchner has decided to nationalize the pension contributions of citizens (about 30 billion dollars). These savings Argentines trust the mostly European banks, in particular in Spain. The news of the transfer of pension money to Argentina under the wing of the state collapsed stock indices on the stock exchanges in Europe. Argentine president took such a hard decision for several reasons. Firstly, in a lack of liquidity 'long' contributions to pension schemes allow the state to pay interest on debts (they make up for today $ 13 billion). Secondly, Argentina is experiencing difficulties with the formation of the budget for next year. In 2009, pension contributions will be regarded as a state, and will arrive at the complete disposal of the state. In Argentina, about 25% of the population have such accounts and many of the retirees a negative attitude toward the decision, since the state announced that it will significantly reduce interest charges on deposits. As in Russia, the Argentine government pension funds managed savings of citizens on a more conservative strategy than private foundations.
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