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.
Her
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."
However,
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
possibility
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.
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