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Argentina Makes Pension Fund Takeover Official

The Associated Press

December 8, 2008




A bill transferring $23 billion in private pension funds to the state has been published in Argentina's official gazette, meaning the nationalization is now law.

Congress approved the bill last month.

The law published Tuesday says the state guarantees pensioners benefits that are "equal or greater" to what they received under the private system.

About a fourth of Argentina's 40 million citizens used the private funds. Their $4.5 billion in annual contributions will go to the government as well.

President Cristina Fernandez's government may spend the assets as long as monthly pensions are paid on time.

She has already announced some of the funds will go toward economic stimulus projects. 

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