Thursday November 6, 01:33 AM
Thousands march against Argentina's pension grab
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BUENOS AIRES (AFP) - Thousands of opposition-led protesters have marched against President Cristina Kirchner's proposal last month to nationalize 10 private pension funds, which the House of Deputies is set to take up.
"The deputies who support this measure will regret it, because they won't be able to get back to their provinces," farm union leader Alfredo De Angeli told the protesters when they gathered outside Congress, in central Buenos Aires on Wednesday.
Kirchner has said nationalizing 30 billion dollars of private pension funds is necessary to protect retirees in the global financial crisis, but the opposition believes the money will be used to service Argentina's 150 billion dollar foreign debt, on which it defaulted in 2001.
The proposal to create a single, state-run pension system, announced on October 21, was headed for House debate on Thursday. Some legislators want oversight on the pension fund and payout restrictions to benefit retirees exclusively.
The 10 private pension funds administer the retirement savings of 9.5 million subscribers, or 53 percent of Argentina's workers, of whom only 3.6 million actually contribute with the rest, both employers and individuals, considered scofflaws.
The pension funds take in about 4.6 billion dollars each year in new contributions.
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