The recrystallization of pension funds that were managed by the Retirement Fund Administrators and Pension (AFJP), if true what government officials say softly, will literally a transfer of money, which was owned by the current contributors and future retirees, the box of the state. If this is used to pay down debt and nurture ballot boxes, we are witnessing the third Argentine default, the second having been caused by government bonds carried away by inflation index adjusted for distortion a , to put it elegantly, the inflation index and pay less for their holders.
The project has been sent to Congress, which will be discussed in a Bicameral Commission created for this purpose, which of course will be dominated by pro-government legislators, is to say just makeup that could well save. The government is of the utmost urgency that the project be approved immediately and has since the first days of November for it. Why the rush? a HTSP expected this reaction. But not in this magnitude , was the phrase that sounded yesterday in the Argentine government against falling stock market crash of Buenos Aires (10% on Wednesday and 11% on Tuesday). Does the government could not foresee the unintended effect on the stock? ANSES went out to buy bonds for AR $ 300 million on Wednesday, and some actions to put the chest to the strong stock market crash, which at one point he lost 18%, and also managed to skid to Ibex in Madrid, where listed Spanish companies operating in Argentina, making it lose 8.2%, its second loss in history.