Argentina’s lower house voted to approve President Christina Kirchner’s plan to nationalize $26 billion in private pensions.  A 162 to 75 vote by legislators will send the bill to two senate committees for consideration next week.  A full senate vote will take place on November 20.   The plan has been controversial, sparking protests and discussion all over the country.  Nationalizing the funds would give the government a surge of continuing revenue at a time of uncertain economic growth.  Javier Kulesz, an economist at UBS Pactual in Buenos Aires, said the plan would allot $4.5 billion in new contributions next year.

Read the rest of this entry »