Rejection of AFJP tests | Stiglitz and a hundred …

The Nobel Prize in Economics Joseph Stiglitz and 100 other international experts criticized the demands of banks and private investors against the nationalization of pension systems in Argentina and Bolivia. The lawsuits are the ICSID, the arbitral tribunal of the World Bank, which the plaintiffs attended after the elimination of the AFJP.

In a statement signed by Stiglitz, Juan Somavia, Jeffrey Sachs, José Antonio Ocampo and nearly a hundred world figures, he was warned that if Argentina and Bolivia lost the lawsuits (against Metlife and NN Insurance International, in the case of Argentina, and Banco BBVA, against Bolivia), will mean that “the poor citizens and older retirees will have to compensate companies rich financiers. “

In the document, they condemned that “private insurers are suing Argentina and Bolivia for potential loss of income due to the cancellation of the privatization of pension programs.” They stressed that “Argentina and Bolivia are among the 30 countries in the world which have experienced the privatization of their pension systems and today most are in the process of reversing it”.

The Government of Argentina returned to a public pension system in 2008 and Bolivia in 2009. “The pension policy is not about guaranteeing benefits to private insurance companies. Pension systems exist to provide income security in old age, so that older people retire with adequate pensions. », They underlined.