Argentina goes from bad to worse

Pension system nationalization announced last month brings country ‘closer to the abyss’.

Analysts fear Argentina is sliding into a financial abyss after the government announced a plan to nationalize the country’s private pension system last month.

The government says the move is necessary to shore up people’s pensions, which are losing value on the back of a falling stock market. But analysts argue that it is nothing more than a ploy to ensure that the country can roll over its debt due over the next year.

The decision sparked panic among investors.

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