{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Government plan to nationalise pension system causes market fall' data-url='/boclips/videos/5c54c30cd8eafeecae15e585' data-video-url='/boclips/videos/5c54c30cd8eafeecae15e585' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGovernment plan to nationalise pension system causes market fall\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Various of stock exchange2. Zoom in of screen with main Argentine index MERVAL dropping more than 13%3. Various exteriors of private pensions company Met AFPJ 4. Set-up shot of Juan O'Donnell, economist 5. O'Donnell working at his...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Various of stock exchange\u003cbr/\u003e2. Zoom in of screen with main Argentine index MERVAL dropping more than 13%\u003cbr/\u003e3. Various exteriors of private pensions company Met AFPJ \u003cbr/\u003e4. Set-up shot of Juan O'Donnell, economist \u003cbr/\u003e5. O'Donnell working at his computer \u003cbr/\u003e6. SOUNDBITE (Spanish) Juan O'Donnell, economist: \u003cbr/\u003e\"Why did they (Argentine government) make the decision? Because, evidently, they are desperate for cash, they do not have enough funds to cover the financial needs for 2009 and 2010. This is why they had tried to fix the situation with the launching of programs - such as the one to repay the Paris Club (group of 19 richest countries, dedicated to restructuring world debt) or the debt swapping programs - in order to create new credit lines. Once they realised that those initiative were not as attractive as they hoped, they came up with this solution as a desperate last measure.\"\u003cbr/\u003e7. Various of traders talking\u003cbr/\u003e8. Close up of screen showing news of pension reform \u003cbr/\u003e9. SOUNDBITE (Spanish) Oscar Vergara, trader: \u003cbr/\u003e\"Unfortunately, the lack of trust we have toward the government - because of the resources not being  spent adequately - we do not trust them to manage the resources such as those of AFJP.\"\u003cbr/\u003e10. Stock market\u003cbr/\u003eArgentine stocks plunged by 13 percent Tuesday in reaction to government plans to nationalise private pension funds valued at nearly 30 (b) billion US dollars.\u003cbr/\u003eThe government of President Cristina Fernandez said it has to protect pensioners as stocks and bonds fall amid the global financial crisis. But her political opponents called it a naked scramble for cash to prop up falling tax revenue.\u003cbr/\u003eThe Merval index dropped more than 13 percent to 1,022 in mid-day trading after word leaked out of the take-over plan.\u003cbr/\u003eBenchmark Argentine bonds also fell by an average of 10 percent, fuelling the country risk measured by JP Morgan's EMBI+ index to 1588 basis points.\u003cbr/\u003eThe nationalisation would allow the government to pay off millions of dollars in debt and finance stalled infrastructure projects starved for credit, former Finance Minister Miguel Kiguel told Buenos Aires-based television station TodoNoticias.\u003cbr/\u003eSome commentators said the plan puts property rights at risk and calls into question the rule of law in Argentina. \u003cbr/\u003eOne described it as a \"desperate last measure\" after failure of earlier initiatives to balance the country's budget.\u003cbr/\u003e\"Evidently, they are desperate for cash,\" Juan O'Donnell said. \u003cbr/\u003eThe president's office declined to comment on Tuesday. Fernandez planned to detail her ideas later, before sending it to Congress, where her Peronist party has a majority.\u003cbr/\u003eThe president's office declined to comment on Tuesday. Fernandez planned to detail her plan in the afternoon before sending it to Congress, where her Peronist party has a majority.\u003cbr/\u003eArgentina is one of the world's top five exporters of soy, corn, wheat and beef, and falling prices for these commodities prices worldwide have reduced an important source of government revenue.\u003cbr/\u003eAt the same time, the country has struggled to access international credit, even before the world financial crisis hit, with 12 (b) billion US dollars in debt payments due in 2009.\u003cbr/\u003eArgentina effectively has been banished from the international debt market since defaulting on 95 (b) billion US dollar bonds in 2001, the largest sovereign default in history.\u003cbr/\u003ePension funds are in trouble around the world. Since 9 October, 2007, when the Dow topped 14,000, US investors have lost 8.3 trillion US dollars from pension funds, college savings plans and other investments.\u003cbr/\u003eArgentina's private accounts were created in 1994 under President Carlos Menem, who embarked on a wave of privatisation in Argentina during his 1989-1999 terms.\u003cbr/\u003eThe pension funds are controlled by the BBVA Banco Frances SA, a unit of Spain's BBVA; HSBC Holdings PLC; insurance company MetLife Inc.; and ING Groep NV, along with other local funds.\u003cbr/\u003eAbout one-fourth of Argentina's 40 million citizens are affiliated with the private funds, paying in 4.6 (m) million US dollars a year.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan 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