It must be 12 years ago now that we first pointed out the ridiculousness of the World Bank-inspired private pension industry scheme in Argentina. This week has brought their demise but not before enormous amounts of contributors’ money has gone up on the bonfire.
Reform of the industry is something that we have wailed for like a voice in the wilderness. We even had the temerity to suggest that change came from inside the industry to avoid an action like that which has occurred this week. All to no avail. We personally opted out of the AFJP in 2001 before the economy went over the waterfall.