Argentine pension takeover approved.11/7/2008 6:29:28 AM Argentina's lower house has passed a controversal bill to nationalise Verb 1. nationalise - make national in character or scope; "His heroic deeds were nationalized by the press" nationalize alter, change, modify - cause to change; make different; cause a transformation; "The advent of the automobile may have altered the $26bn of pension funds. The law was approved early on Friday by 160 to 75 votes after a 14-hour session. When the bill was announced in October, it was labelled by its critics as an attempt by Cristina Kirchner, the president, to sequester sequester v. to keep separate or apart. In so-called "high-profile" criminal prosecutions (involving major crimes, events, or persons given wide publicity) the jury is sometimes "sequestered" in a hotel without access to news media, the general public or their funds to help cover the government's $20bn interest and principle debt payments for 2009. Argentinian stock markets dropped after the legislative proposal which stoked stoked adj. Slang 1. Exhilarated or excited. 2. Being or feeling high or intoxicated, especially from a drug. fears of the country's inability to pay its arrears A sum of money that has not been paid or has only been paid in part at the time it is due. A person who is "in arrears" is behind in payments due and thus has outstanding debts or liabilities. . Kirchner asserted at the time of the announcement that the move was being made to protect retirees from the effects of the global financial crisis. She again said on Thursday that "there was a [private] system that spectacularly collapsed. This was a policy of looting". "It is evident that when nobody regulates the market, nobody controls it and it is allowed to do what it wants, we wind up with a financial disaster like the one the global economy faces," Kirchner said. The bill will now continue to the senate, where her Peronist party holds a more marginal majority then they have in the lower house. It may be voted on as soon as November 20. Assets arrogated Assets from 10 Argentinian private pensions funds will be arrogated, adding more than $4bn annually to to the government. Argentina economy, the third largest in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , has had increased state involvement since Kirchner's predecessor, her husband Nestor Kirchner, took power in 2003. During his tenure the postal service postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval , water works company and rail lines, among other things, were nationalised. Several thousand people marched outside congress on Wednesday to protest against the latest nationalisation n. 1. same as nationalization. Noun 1. nationalisation - the action of forming or becoming a nation nationalization group action - action taken by a group of people 2. proposal. Aljazeera.net 2003 - 2008 Provided by Syndigate.info an Albawaba.com company |
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