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Article: LATIN AMERICA: FUTURE OF PRIVATE PENSION FUNDS IN DOUBT.
- Article from:
- Interpress Service
- Article date:
- November 28, 2008
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By Marcela Valente*
BUENOS AIRES, Nov. 26, 2008 (IPS/GIN) - With pension funds in Latin America showing drastic losses as a result of the global financial crisis, Argentina has moved to nationalize its private pension funds, while in Chile, Colombia and Mexico there are urgent calls for reforms.
Many of the private sector pension plans, created mainly in the 1990s under the influence of neoliberal, free-market reforms and structural adjustment policies, followed the model adopted in 1981 by the dictatorship of Augusto Pinochet (1973-1990) in Chile.
In 1993, Argentina adapted the model, without eliminating the parallel public system, which ...