"What beautiful times when
each one of us had our retirement savings in our own private accounts
and we could see the evolution of our savings". ,
to exchange sovereign debt in dollars, the founder and CEO of Mercado Libre, Marcos Galperin, longed for the AFJP via Twitter.
Galperin tweeted about retirements and received a barrage of criticism, some of which he responded to:
For example, Roberto J. Arias, an economist from San Luis, commented: "The capitalization system was terrible. It charged ridiculous commissions (average of 30%!!!!) to later use those funds to buy government securities (🤦‍♂️)" .
To which the CEO of ML responded by posting a gif loaded with irony: "
The delivery system was better."
He was also ironic with another user who marked him:
"For you, who would like to be a financial player who manages those funds
and also ends up lending to the State, no. For millions of Argentines, even more women who were able to retire, it was, is and It would be infinitely better. There are conflicting interests between the people and the financial entrepreneurs."
In response to the former Secretary of Tax Policy, Roberto Arias, and the user @lanlook_ok, the founder of Mercado Libre blurted out: "Dad, at school they ask me to give an example of the 'Stockholm Syndrome', I look for it in ChatGPT? No baby, show them this thread that's enough."
The succession of messages continued, although the owner of ML preferred to stop with the round trip.
Galperin has lived in Uruguay since the end of 2019, and his statements also coincide with the criticized pension reform that the neighboring country is facing.
What the ANSeS said about the exchange proposed by the Government
For the ANSeS, the exchange or sale of dollar bonds held by the Sustainability Guarantee Fund (FGS) for a special dual bond, in pesos adjusted for inflation (CER) or peso devaluation (dollar-linked), of both the higher,
protects the Fund from a possible sharp devaluation or even higher inflation triggered
, sources from the organization that administers retirement and pensions and is led by camporista Fernanda Raverta told ClarĂn.
The bonds that the FGS has to sell in the market -which will be done gradually- or to the Treasury have a nominal value of US$ 13,500 million, but their market value -below 30% and falling- is around US$ 4,000 million.
In exchange for these bonds
, the Treasury will issue a special bond that ANSeS and other public organizations
will receive at their technical value, with a discount of around 40%, but they will be accounted for at 100%.
Consequently, the bond will yield a total of 8% per year on the purchase value, plus the adjustment for inflation and exchange rate.
ANSeS
says that this exchange reduces the volatility of the FGS
and could even have
a profit equivalent to some US$ 2,000 million
.
The Sustainability Guarantee Fund (FGS) was created after the transfer of the AFJP
to the Integrated Retirement and Pension System, and includes public securities, negotiable obligations, common investment funds and credits delivered to the productive sector.
It is around US$ 56,434 million.
And its function is to guarantee the payment of retirement and pensions in case of contingencies.
The AFJP were eliminated in 2008, during the government of Cristina Fernández de Kirchner.
NS
look also
The AnSes defends the exchange of bonds in which it will deliver dollars and receive pesos and says that retirees will not lose