Is this in our future? Afterall, its patriot to give your money to the government! Time to step up!!
“It’s horrible,’’ said Jaime Valdivia, who manages $1 billion of assets for Emerging Sovereign Group in New York. ``We’re going back to the dark ages. Not even in times of the worst financial stress did the government ever think about taking over the private pension system.”
“The South American country hasn’t had access to international capital markets since it defaulted on $95 billion of bonds in 2001. Holders of some $20 billion of those bonds rejected the government’s 2005 payout of 30 cents on the dollar, the harshest sovereign restructuring since World War II.”