Even those familiar with the Argentine government's taste for theatrical populism were floored when President Cristina Fernandez announced two weeks ago that private pension funds would be nationalized.

Denigrating the pension administrators as "inefficient and ineffective," Fernandez cast the confiscation as a move to rescue Argentines from an uncertain retirement. The funds, like the rest of the world, have been hit hard by falling asset values.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.