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 trials are ICSID, the World Bank’s arbitral tribunal, where the plaintiffs went after eliminating AFJPs.
In a statement signed by Stiglitz, Juan Somavia, Geoffrey Sachs, Jose Antonio Ocampo and nearly a hundred global personalities, he was warned that if Argentina and Bolivia lost lawsuits (against Metlife and NN Insurance International, in the case of Argentina, and Banco BBVA, against Bolivia), it means that ” Poor citizens and older retirees will have to compensate the companies Wealthy financiers. “
They condemned in the document that “private insurance companies are suing Argentina and Bolivia for possible loss of profits as a result of the withdrawal from the privatization of pension programs.” They stressed that “Argentina and Bolivia are among 30 countries in the world that have tried to privatize their pension systems, and today most of them are doing the opposite.”
The government of Argentina reverted to the public pension system in 2008 and Bolivia in 2009. “The pension policy is not about guaranteeing benefits for private insurers. Pension systems exist to provide income security in old age, to ensure that the elderly retire with appropriate pensions,” they highlighted.
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