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Smacking of the Sustainability Guarantee Fund: another blow from Kirchnerism to retirees


The new measure announced by the Government obliges the FGS of Anses to pesify its public titles. And he deals a new blow to the dying-Kirchnerist story.

The new measure announced by the National Government, which obliges the Sustainability Guarantee Fund (FGS) of Anses to "pesify" its public titles, deals a new blow

to the -dying- Kirchnerist narrative

about the defense of retirements, and in particular , from the “retirement fund”.

The measure, established in decree 164 published in the Official Gazette on March 23, establishes the obligation of the FGS to deliver its public titles in dollars to the National Treasury, to receive in exchange titles payable in pesos.

In other words,

an operation that weakens the quality of the

FGS's assets, and that no saver, much less an investor, would carry out voluntarily.

The FGS is a fund created in 2007, which is mainly made up of the

resources confiscated in 2008

from workers who had their savings in the Retirement and Pension Fund Administrators (AFJP), and by investments that derived from them.

The State made these decisions with Néstor and Cristina Kirchner as presidents, with Alberto Fernández as chief of staff, and with Sergio

Massa as executive director of Anses

and later chief of staff.

According to the Anses website, the mission of the FGS is "

to preserve the value of its patrimony seeking the profitability of its resources

, which may be used to pay the benefits of the Argentine Integrated Pension System...".

And article 8 of Law 26,425 provides that "

the fund's assets will be invested according to adequate security and profitability criteria

, contributing to the sustainable development of the real economy in order to guarantee the virtuous circle between economic growth and the increase in profits." Social security resources".

The announced measure, which involves resigning an asset in dollars to receive one in pesos, manifestly

violates said rule


A little over a month ago, the head of Anses,

Fernanda Raverta

, boasted on her Twitter account of an alleged increase in the value of the FGS during her tenure.

I say

assumed, because

the table had a trap:

to arrive at a quantified value in dollars, the assets in pesos were converted to dollars according to the official value of the foreign currency.

If the real value of the dollar (CCL) was taken, the conclusion was the opposite: the FGS is worth less than in December 2019.

Despite being

caught in her lie

, Raverta showed an interest in preserving the value of the FGS.


silence from her before the handling

of the dollar titles shows that such interest does not exist.

When Kirchnerism created the fund, it maintained that the priority purpose of said decision was to ensure "that the beneficiaries of the Public Distribution System

are not the adjustment variable of the economy

at a time when the economic cycle is in unfavorable phases."


once again it does the opposite


After 3 years of government in which retirees have been suffering a

tremendous adjustment

, with losses ranging between 21 and 31%, the FGS is not used to alleviate the impact on retirees' pockets.

On the contrary, it is forced to carry out an operation that is detrimental to its purposes, in order to finance the National Treasury.

The architects of this

calamitous result

are the same: Cristina Kirchner, Alberto Fernández and Sergio Massa.

Faced with these reprehensible attitudes, it is important to highlight that the only time that

the use of FGS funds

to increase retirement assets

was contemplated

was when the Historical Reparation was implemented in the government of Mauricio Macri.

Kirchnerism opposed this and even managed to get a judge to order

a precautionary measure

to prevent the FGS from being used to pay retirees.

The measure was reverted after a few days, but it was not necessary to resort to these resources, because the money from the 2016 Tax Disclosure was enough to cover the expenditures of the Historical Reparation until the end of 2019.

This Government, determined not to use the money from the fund for retirees, with absolute cynicism sanctioned Law 27,574 - "LAW FOR THE DEFENSE OF THE ASSETS OF THE FGS OF THE ARGENTINE INTEGRATED PENSION SYSTEM" - which modified the Historical Reparation Law, eliminating the


to pay retirees with the FGS.

Despite the pompous name of that law, the new measure announced demonstrates –once again- that Kirchnerism does not defend the “retiree fund”.

Nor does he defend retirees.

The only retiree

who has her assets well defended is

Cristina Kirchner

, who, despite the fact that the law prohibits it,

receives two privilege retirements

for a total of $9,181,592 per month.

*The author was Secretary of Social Security.

look too

Cristina Kirchner supports the decrees of Sergio Massa that takes funds from retirees, but in the Anses there are officials who resist

The founder of Mercado Libre got into the controversy over the use of retirees' money

Source: clarin

All news articles on 2023-03-23

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