Argentina's Congress approves pension reform amid strike



Lawmakers passed the measure Tuesday in the lower house in a 127-117 vote after debating for over 12 hours.



The measure had already passed the Senate. It is part of a series of economic changes pushed by President Mauricio Macri to reduce Argentina's high budget deficit, projected to rise to a record $35 billion this year following a series of corporate tax cuts decreed by Macri upon taking office two years ago and a severe recession in 2016.



About 150 people were injured and about 60 were arrested - including seven journalists - when clashes between police and demonstrators broke out Monday outside the Congress building in Buenos Aires. One protester, a 33 year-old cancer patient named Leo Chávez, remains missing since disappearing from last week's protests against the bill.



Argentina's largest labor federation, the CGT, also called a 24-hour general strike that is grounding hundreds of flights.



The bill cuts payments to retirees, pensioners, veterans, the disabled, and the poor by 8.5% in the first year alone. The full retirement age is likewise raised from 65 to 70.



The savings of at least $6 billion in the first year are mostly lost, however, to a revenue stream change projected to cost the ANSES social security agency some $4 billion in annual revenue.



The bill passed with the last-minute support of 15 legislators, mostly from small provinces that depend heavily on federal revenue sharing to finance their budgets.



The move, which followed a meeting with 11 governors who flew to Buenos Aires to pressure legislators for passage, prompted Congresswoman María Emilia Soria to refer to these governors as Macri's prostitutes.



But with apologies to prostitutes, she clarified. Because this was extortion.



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An Argentine senior citizen is assisted by fellow protesters after being doused with tear gas during yesterday's protests in Buenos Aires. Seniors, who would have received a 15.5% hike in pensions next March under current law, will now see a 5.7% increase.



Prices have doubled since Macri took office two years ago, and inflation remains at 23%. Argentina's Congress has approved a controversial pension reform bill that has prompted violent protests.Lawmakers passed the measure Tuesday in the lower house in a 127-117 vote after debating for over 12 hours.The measure had already passed the Senate. It is part of a series of economic changes pushed by President Mauricio Macri to reduce Argentina's high budget deficit, projected to rise to a record $35 billion this year following a series of corporate tax cuts decreed by Macri upon taking office two years ago and a severe recession in 2016.About 150 people were injured and about 60 were arrested - including seven journalists - when clashes between police and demonstrators broke out Monday outside the Congress building in Buenos Aires. One protester, a 33 year-old cancer patient named Leo Chávez,since disappearing from last week's protests against the bill.Argentina's largest labor federation, the CGT, also called a 24-hour general strike that is grounding hundreds of flights.The bill cuts payments to retirees, pensioners, veterans, the disabled, and the poor by 8.5% in the first year alone. The full retirement ageThe savings of at least $6 billion in the first year are mostly lost, however, to a revenue stream change projected to cost the ANSES social security agency some $4 billion in annual revenue.The bill passed with the last-minute support of 15 legislators, mostly from small provinces that depend heavily on federal revenue sharing to finance their budgets.The move, which followed a meeting with 11 governors who flew to Buenos Aires to pressure legislators for passage, prompted Congresswoman María Emilia Soria to refer to these governors as .But with apologies to prostitutes, she clarified. Because this was extortion.At: http://www.foxnews.com/world/2017/12/19/argentinas-congress-approves-pension-reform-amid-strike.html 0 Tweet