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23-Oct-08 11:30 [Americas]
Argentinean pension nationalisation causes market chaos The Argentinean government has announced its surprise plan to nationalise its private pension system, causing chaos in the country's financial market.
President Cristina Fernandez announced that the state would take over the $30 billion (£18.4 billion) in funds in order to save pensions from further developments in the global financial market, which has taken a toll on many other schemes in the world.
However, many critics have noted that the plan may be a way to secure the right amount of money to service the national debt.
The decision by Ms Fernandez, who is noted for her left-wing allegiances, is yet to be passed by the country's congress but is widely expected to be approved, although initial reports found the Argentinean stock market falling by over ten per cent on both Tuesday and Wednesday.
Ms Fernandez became the first woman in history to succeed her husband in winning the premiership of a country, assuming office after Nestor Kirchner in December 2007.
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The Argentinean government has announced its surprise plan to nationalise its private pension system, causing chaos in the country's financial market.
Find out more>
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