

Currently released so far... 12553 / 251,287
Browse latest releases
2010/12/01
2010/12/02
2010/12/03
2010/12/04
2010/12/05
2010/12/06
2010/12/07
2010/12/08
2010/12/09
2010/12/10
2010/12/11
2010/12/12
2010/12/13
2010/12/14
2010/12/15
2010/12/16
2010/12/17
2010/12/18
2010/12/19
2010/12/20
2010/12/21
2010/12/22
2010/12/23
2010/12/24
2010/12/25
2010/12/26
2010/12/27
2010/12/28
2010/12/29
2010/12/30
2011/01/01
2011/01/02
2011/01/04
2011/01/05
2011/01/07
2011/01/09
2011/01/10
2011/01/11
2011/01/12
2011/01/13
2011/01/14
2011/01/15
2011/01/16
2011/01/17
2011/01/18
2011/01/19
2011/01/20
2011/01/21
2011/01/22
2011/01/23
2011/01/24
2011/01/25
2011/01/26
2011/01/27
2011/01/28
2011/01/29
2011/01/30
2011/01/31
2011/02/01
2011/02/02
2011/02/03
2011/02/04
2011/02/05
2011/02/06
2011/02/07
2011/02/08
2011/02/09
2011/02/10
2011/02/11
2011/02/12
2011/02/13
2011/02/14
2011/02/15
2011/02/16
2011/02/17
2011/02/18
2011/02/19
2011/02/20
2011/02/21
2011/02/22
2011/02/23
2011/02/24
2011/02/25
2011/02/26
2011/02/27
2011/02/28
2011/03/01
2011/03/02
2011/03/03
2011/03/04
2011/03/05
2011/03/06
2011/03/07
2011/03/08
2011/03/09
2011/03/10
2011/03/11
2011/03/13
2011/03/14
2011/03/15
2011/03/16
2011/03/17
2011/03/18
2011/03/19
2011/03/20
2011/03/21
2011/03/22
2011/03/23
2011/03/24
2011/03/25
2011/03/26
2011/03/27
2011/03/28
2011/03/29
2011/03/30
2011/03/31
2011/04/01
2011/04/02
2011/04/03
2011/04/04
2011/04/05
2011/04/06
2011/04/07
2011/04/08
2011/04/09
2011/04/10
2011/04/11
2011/04/12
2011/04/13
2011/04/14
2011/04/15
2011/04/16
2011/04/17
2011/04/18
2011/04/19
2011/04/20
2011/04/21
2011/04/22
2011/04/23
2011/04/24
2011/04/25
2011/04/26
2011/04/27
2011/04/28
2011/04/29
2011/04/30
2011/05/01
2011/05/02
2011/05/03
2011/05/04
2011/05/05
2011/05/06
2011/05/07
2011/05/08
2011/05/09
2011/05/10
2011/05/11
2011/05/12
Browse by creation date
Browse by origin
Embassy Athens
Embassy Asuncion
Embassy Astana
Embassy Asmara
Embassy Ashgabat
Embassy Apia
Embassy Ankara
Embassy Amman
Embassy Algiers
Embassy Addis Ababa
Embassy Accra
Embassy Abuja
Embassy Abu Dhabi
Embassy Abidjan
Consulate Auckland
Consulate Amsterdam
Consulate Adana
American Institute Taiwan, Taipei
Embassy Bujumbura
Embassy Buenos Aires
Embassy Budapest
Embassy Bucharest
Embassy Brussels
Embassy Bridgetown
Embassy Bratislava
Embassy Brasilia
Embassy Bogota
Embassy Bishkek
Embassy Bern
Embassy Berlin
Embassy Belmopan
Embassy Belgrade
Embassy Beirut
Embassy Beijing
Embassy Banjul
Embassy Bangkok
Embassy Bandar Seri Begawan
Embassy Bamako
Embassy Baku
Embassy Baghdad
Consulate Barcelona
Embassy Copenhagen
Embassy Conakry
Embassy Colombo
Embassy Chisinau
Embassy Caracas
Embassy Canberra
Embassy Cairo
Consulate Curacao
Consulate Ciudad Juarez
Consulate Chennai
Consulate Casablanca
Consulate Cape Town
Consulate Calgary
Embassy Dushanbe
Embassy Dublin
Embassy Doha
Embassy Djibouti
Embassy Dili
Embassy Dhaka
Embassy Dar Es Salaam
Embassy Damascus
Embassy Dakar
Consulate Dubai
Embassy Helsinki
Embassy Harare
Embassy Hanoi
Consulate Ho Chi Minh City
Consulate Hermosillo
Consulate Hamilton
Consulate Hamburg
Consulate Halifax
Embassy Kyiv
Embassy Kuwait
Embassy Kuala Lumpur
Embassy Kinshasa
Embassy Kingston
Embassy Kigali
Embassy Khartoum
Embassy Kathmandu
Embassy Kampala
Embassy Kabul
Consulate Kolkata
Embassy Luxembourg
Embassy Luanda
Embassy London
Embassy Ljubljana
Embassy Lisbon
Embassy Lima
Embassy Lilongwe
Embassy La Paz
Consulate Lahore
Consulate Lagos
Mission USOSCE
Mission USNATO
Mission UNESCO
Embassy Muscat
Embassy Moscow
Embassy Montevideo
Embassy Monrovia
Embassy Minsk
Embassy Mexico
Embassy Mbabane
Embassy Maputo
Embassy Manila
Embassy Manama
Embassy Managua
Embassy Malabo
Embassy Madrid
Consulate Munich
Consulate Mumbai
Consulate Montreal
Consulate Monterrey
Consulate Milan
Consulate Melbourne
Embassy Nicosia
Embassy Niamey
Embassy New Delhi
Embassy Ndjamena
Embassy Nassau
Embassy Nairobi
Consulate Naples
Consulate Naha
Embassy Pristina
Embassy Pretoria
Embassy Prague
Embassy Port Of Spain
Embassy Port Louis
Embassy Port Au Prince
Embassy Phnom Penh
Embassy Paris
Embassy Paramaribo
Embassy Panama
Consulate Peshawar
REO Basrah
Embassy Rome
Embassy Riyadh
Embassy Riga
Embassy Reykjavik
Embassy Rangoon
Embassy Rabat
Consulate Rio De Janeiro
Consulate Recife
Secretary of State
Embassy Suva
Embassy Stockholm
Embassy Sofia
Embassy Skopje
Embassy Singapore
Embassy Seoul
Embassy Sarajevo
Embassy Santo Domingo
Embassy Santiago
Embassy Sanaa
Embassy San Salvador
Embassy San Jose
Consulate Strasbourg
Consulate St Petersburg
Consulate Shenyang
Consulate Shanghai
Consulate Sapporo
Consulate Sao Paulo
Embassy Tunis
Embassy Tripoli
Embassy Tokyo
Embassy The Hague
Embassy Tel Aviv
Embassy Tehran
Embassy Tegucigalpa
Embassy Tbilisi
Embassy Tashkent
Embassy Tallinn
Consulate Toronto
Consulate Tijuana
USUN New York
USEU Brussels
US Office Almaty
US Mission Geneva
US Interests Section Havana
US Delegation, Secretary
UNVIE
Embassy Ulaanbaatar
Embassy Vilnius
Embassy Vienna
Embassy Vatican
Embassy Valletta
Consulate Vladivostok
Consulate Vancouver
Browse by tag
APECO
ASEC
AMGT
AFIN
APER
ACABQ
AORC
AEMR
AF
AE
AR
AGMT
AU
AY
ABLD
AS
AG
AJ
APCS
AX
AM
AMEX
ATRN
ADM
AMED
AFGHANISTAN
AZ
AL
ASUP
AND
ARM
ASEAN
AFFAIRS
AQ
ATFN
AMBASSADOR
AODE
APEC
ACBAQ
AFSI
AFSN
AO
ABUD
AC
ADPM
ADCO
ASIG
ARF
AUC
ASEX
AGAO
AA
AER
AVERY
AGRICULTURE
AIT
AADP
ASCH
AORL
AROC
ACOA
ANET
AID
AMCHAMS
AINF
AMG
AFU
AN
ALOW
ASECKFRDCVISKIRFPHUMSMIGEG
ACS
ADANA
AECL
ACAO
AORG
AGR
BEXP
BR
BM
BG
BL
BA
BTIO
BO
BP
BC
BILAT
BK
BU
BD
BRUSSELS
BB
BF
BBSR
BIDEN
BX
BE
BH
BT
BY
BMGT
BWC
BTIU
BN
CA
CASC
CFED
CO
CH
CS
CU
CE
CI
CM
CMGT
CJAN
COM
CG
CIS
CVIS
CR
CKGR
CHR
CVR
COUNTER
CIA
CLINTON
CY
CPAS
CD
CBW
COUNTERTERRORISM
CITEL
CDG
CW
CODEL
COUNTRY
CLEARANCE
COE
CN
CARICOM
CB
CONDOLEEZZA
CWC
CACS
CSW
CIDA
CIC
CITT
CONS
CL
CACM
CDB
CDC
CAN
CF
CJUS
CTM
CBSA
CARSON
CT
CLMT
CBC
CEUDA
CV
COPUOS
CTR
CROS
CAPC
CAC
CNARC
CICTE
CBE
ECON
ETRD
EIND
ENRG
EC
ELAB
EAGR
EAID
EFIS
EFIN
EINV
EUN
EG
EPET
EAIR
EU
ELTN
EWWT
ECIN
ERD
EI
ETTC
EUR
EN
EZ
ETC
ENVI
EMIN
ET
ENVR
ER
ECPS
EINT
EAP
ES
ENIV
ECONOMY
EXTERNAL
EINN
EFTA
ECONOMIC
EPA
EXBS
ECA
ELN
ETRDEINVECINPGOVCS
ENGR
ECUN
ENGY
ECONOMICS
ELECTIONS
EIAR
EINDETRD
EREL
EUC
ECONEFIN
EURN
EDU
ETRDEINVTINTCS
ECIP
ENERG
EFIM
EAIDS
EK
ETRDECONWTOCS
EINVETC
ECONCS
EUNCH
ESA
ECINECONCS
EUREM
ESENV
EFINECONCS
ETRC
ENNP
EAIG
EXIM
EEPET
EINVECONSENVCSJA
EUMEM
ETRA
ERNG
ETRO
ETRN
EINVEFIN
ICTY
IN
IS
IR
IC
IZ
IA
INTERPOL
IAEA
IT
IMO
IO
IV
ID
IRAQI
IEA
INRB
IL
IWC
ITU
ICAO
ISRAELI
ICRC
IIP
IMF
IBRD
ISLAMISTS
ITALY
ITALIAN
ILO
IPR
IQ
IRS
IAHRC
IZPREL
IRAJ
IDP
ILC
ITF
ICJ
IF
ITPHUM
INMARSAT
ISRAEL
IACI
IBET
ITRA
INR
IRC
IDA
ICTR
IGAD
INRA
INRO
IEFIN
INTELSAT
INTERNAL
INDO
ITPGOV
KWMN
KSCA
KDEM
KTFN
KIPR
KCRM
KPAL
KE
KPAO
KPKO
KS
KN
KISL
KFRD
KJUS
KIRF
KFLO
KG
KTIP
KTER
KRCM
KTIA
KGHG
KIRC
KU
KPRP
KMCA
KMPI
KSEO
KNNP
KZ
KNEI
KCOR
KOMC
KCFC
KSTC
KMDR
KFLU
KSAF
KSEP
KSAC
KR
KGIC
KSUM
KWBG
KCIP
KDRG
KOLY
KAWC
KCHG
KHDP
KRVC
KBIO
KAWK
KGCC
KHLS
KBCT
KPLS
KREL
KCFE
KMFO
KV
KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG
KFTFN
KVPR
KTDB
KSPR
KIDE
KVRP
KTEX
KBTR
KTRD
KICC
KCOM
KO
KLIG
KDEMAF
KMRS
KRAD
KOCI
KSTH
KUNR
KNSD
KGIT
KFSC
KHIV
KPAI
KICA
KACT
KHUM
KREC
KSEC
KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG
KCMR
KPIN
KESS
KDEV
KNAR
KNUC
KPWR
KENV
KWWMN
KWMNCS
KPRV
KOM
KBTS
KCRS
KNPP
KWNM
KRFD
KVIR
KTBT
KAID
KRIM
KDDG
KRGY
KHSA
KWMM
KMOC
KSCI
KPAK
KX
KPAONZ
KCGC
KID
KPOA
KIFR
KFIN
KWAC
KOMS
KCRCM
KNUP
KMIG
KNNPMNUC
KERG
KTLA
KCSY
KJUST
MOPS
MARR
MASS
MNUC
MX
MCAP
MO
MR
MI
MD
MK
MA
MP
MY
MTCRE
MOPPS
MASC
MIL
MTS
MLS
MILI
MAR
MU
MEPN
MAPP
MTCR
MEPI
MZ
MEETINGS
MG
MW
MAS
MT
MCC
MIK
ML
MARAD
MV
MERCOSUR
MTRE
MPOS
MEPP
MILITARY
MDC
MQADHAFI
MUCN
MRCRE
MAPS
MEDIA
MASSMNUC
MC
NZ
NZUS
NL
NU
NATO
NP
NO
NIPP
NE
NH
NR
NA
NPT
NI
NSF
NG
NSG
NAFTA
NC
NDP
NEW
NRR
NATIONAL
NT
NS
NASA
NAR
NV
NORAD
NSSP
NK
NPA
NGO
NSC
NATOPREL
NW
NPG
NSFO
OPDC
OTRA
OIIP
OREP
OVIP
OSCE
OEXC
OIE
OPRC
OAS
OPIC
OTR
OMIG
OSAC
OFFICIALS
OECD
OSCI
OBSP
OFDA
OPCW
ODIP
OFDP
OES
OPAD
OCII
OHUM
OVP
ON
OIC
OCS
PHUM
PREL
PGOV
PINR
PTER
PARM
PREF
PM
PE
PINS
PK
PHSA
PBTS
PRGOV
PA
PORG
PP
PS
PGOF
PL
PO
PARMS
PKFK
PSOE
PEPR
PAK
POL
PPA
PINT
PMAR
PRELP
PREFA
PALESTINIAN
PBIO
PINF
PNG
PMIL
PFOR
PUNE
PGOVLO
PAO
POLITICS
PHUMBA
PSEPC
PTBS
PCUL
PROP
PNAT
PNR
POLINT
PGOVE
PROG
PHALANAGE
PARTY
PDEM
PECON
PROV
PHUMPREL
PGOC
PY
PCI
PLN
PDOV
PREO
PGIV
PHUH
PAS
PU
POGOV
PF
PINL
POV
PAHO
PRL
PG
PRAM
POLITICAL
PARTIES
POLICY
PGOVSMIGKCRMKWMNPHUMCVISKFRDCA
PGGV
PHUS
PSA
PHUMPGOV
PEL
PSI
PAIGH
POSTS
PBT
PTERE
RS
RU
RW
RM
RO
RP
REGION
RSP
RF
RICE
RCMP
RFE
RIGHTS
RIGHTSPOLMIL
ROBERT
RUPREL
RELATIONS
ROOD
REACTION
RSO
REPORT
SENV
SNAR
SCUL
SR
SC
SOCI
SMIG
SI
SP
SU
SO
SW
SY
SA
SZ
SAN
SF
SN
STEINBERG
SG
ST
SIPDIS
SNARIZ
SNARN
SSA
SK
SPCVIS
SOFA
SAARC
SL
SEVN
SARS
SIPRS
SHUM
SANC
SWE
SHI
SYR
SNARCS
SPCE
SYRIA
SEN
SH
SCRS
SENVKGHG
TRGY
TSPL
TPHY
TSPA
TBIO
TI
TW
THPY
TX
TU
TS
TZ
TC
TH
TT
TIP
TO
TERRORISM
TRSY
TINT
TN
TURKEY
TBID
TL
TV
TNGD
TD
TF
TP
TFIN
TAGS
TK
TR
UNSC
UK
UNGA
UN
US
UNHRC
UG
UP
UNMIK
UNHCR
UE
USTR
UNVIE
UAE
UZ
UY
UNO
UNESCO
USEU
USOAS
UV
UNODC
UNCHS
UNFICYP
UNEP
UNIDROIT
UNDESCO
UNDP
UNPUOS
UNC
UNAUS
USUN
UNCHC
UNCHR
UNCND
UNICEF
UNCSD
UNDC
USNC
USPS
USAID
Browse by classification
Community resources
courage is contagious
Viewing cable 08BUENOSAIRES1763, ARGENTINE CHIEF CABINET MINISTER MEETS CODEL MEEKS
If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs
Understanding cables
Every cable message consists of three parts:
- The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
- The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
- The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #08BUENOSAIRES1763.
Reference ID | Created | Released | Classification | Origin |
---|---|---|---|---|
08BUENOSAIRES1763 | 2008-12-30 17:51 | 2011-03-13 07:00 | UNCLASSIFIED//FOR OFFICIAL USE ONLY | Embassy Buenos Aires |
Appears in these articles: http://www.lanacion.com.ar/1356989-la-presidenta-queria-una-relacion-mas-estrecha-con-estados-unidos |
VZCZCXYZ0000
RR RUEHWEB
DE RUEHBU #1763/01 3651751
ZNR UUUUU ZZH
R 301751Z DEC 08 ZDK
FM AMEMBASSY BUENOS AIRES
TO RUEHC/SECSTATE WASHDC 2800
INFO RUCNMER/MERCOSUR COLLECTIVE
UNCLAS BUENOS AIRES 001763
SENSITIVE
SIPDIS
E.O. 12958: N/A
TAGS: PREL OREP ECON AR
SUBJECT: ARGENTINE CHIEF CABINET MINISTER MEETS CODEL MEEKS
REF: BUENOS AIRES 1680
¶1. (SBU) Summary and introduction: Argentine Cabinet Chief Minister
Sergio Massa received in his office at Casa Rosada presidential
palace Rep. Gregory Meeks (D-NY), Rep. Ruben Hinojosa (D-TX), and
Rep. Paul Ryan (R-WI) December 17. The codel conveyed a strong U.S.
desire for dialogue and strengthening bilateral relations. Massa
agreed with the codel on the need for international cooperation in
addressing the global financial crisis, and he said the GOA had
great expectations for the incoming administration of
President-elect Obama. Rep. Meeks concluded the meeting with an
appeal for the GOA to reach a satisfactory settlement with Met Life
and New York Life to compensate them for the business they lost when
the GOA confiscated private pension (AFJP) accounts. The
Ambassador, DCM and polcouns (notetaker) accompanied the codel. End
summary.
¶2. (SBU) After the Ambassador introduced the codel, Massa apologized
for his delay in starting the meeting, noting that with President
Cristina Fernandez de Kirchner (CFK) out of the country, he had to
deal with a lot of pressing issues. Rep. Meeks invited Massa to go
with him to the codel's following event, lunch with the AmCham.
Massa said he enjoys good relations with AmCham president Juan
Bruchou but would have to stay in the office. Meeks said the lunch
invitation remained pending, in Buenos Aires or Washington.
Global Financial Crisis
-----------------------
¶3. (SBU) Massa requested codel's views on the global financial
crisis. Meeks noted the dimensions of the crisis and the tough
challenges it presented. He said the U.S. Congress was doing
everything it could to stem the tide, employing every stopgap
measure available, including the $700 billion rescue package. He
expressed his belief that President Bush would use at least $10
billion of that to help the automobile industry. Meeks pointed out
the bipartisan nature of the codel, stressing that leaders of both
parties in Washington were looking to work with other countries like
Argentina since the impact of the crisis was global. The crisis was
a tremendous challenge, but together we could turn it into an
opportunity.
¶4. (SBU) Rep. Hinojosa noted congressional desire to help the
outgoing and incoming administrations head off growing unemployment
when major employers were laying off thousands of workers. He
stressed congressional support for extraordinary measures, such as
the stimulus package, to get the economy back on track and generate
jobs.
U.S. Economy the Global Tractor
-------------------------------
¶5. (SBU) Massa said that, from his perspective, it looked like many
good initiatives were underway in the United States, which was a
relief, because the ""U.S. economy is the tractor for the global
economy."" He criticized the speculative bubbles that preceded the
crisis, and he worried that U.S. leaders were bumping up against the
false dilemma of having to ""choose between Wall Street and Main
Street,"" but then he hastened to add that he considered the rescue
of the financial sector to be essential for the recovery of the
""real"" economy. He also thought the President-elect and his team
were doing a good job of tempering public expectations in advance of
the inauguration.
¶6. (SBU) Rep. Ryan noted that among the many tools being deployed to
address the crisis, careful attention was being paid to monetary
policy, which previously had sought to contain inflation but now
needed to target potential deflation. He called ""historic"" the
Federal Reserve's decision the previous day to lower interest rates
to near zero. Ultimately, the important thing was to fix the
financial system by requiring greater transparency and to keep
speculation from spinning out of control. He noted the most
optimistic projection for the duration of the present recession was
18 months.
A Short Recession?
------------------
¶7. (SBU) Massa disagreed, said he expected the recession to be
shorter, explaining his belief that the lightning speed of modern
communications (compared to the pace of information in the 1930s)
would accelerate the recovery. Rep. Ryan recalled that Federal
Reserve Chairman Bernanke was one of the most prominent scholars of
the Great Depression in the 1930s, and that two lessons he had drawn
from Bernanke's academic work were the negative consequences in this
type of crisis of taking liquidity out of the system and of enacting
protectionist measures.
¶8. (SBU) Rep. Hinojosa warned against assuming the recession might
last only 6-12 months. He acknowledged there were many differences
between circumstances on the eve of 2009 and those that existed in
the 1930s, starting with the size of the U.S. population and
economy. He expressed concern for the credit crunch, noting how
difficult it was to get money churning in the economy. Rep.
Hinojosa assured Massa the United States would not build a wall of
protectionism, and that, convinced that trade could be mutually
beneficial, we were looking to trade with others like Argentina. He
also spoke, as Chairman of the Subcommittee on Higher Education, of
his interest in expanding opportunities for educational exchanges
between the two countries.
¶9. (SBU) Rep. Meeks said the United States and Argentina enjoyed
good relations, but we could always make them better. ""You've been
our ally,"" he said, stressing his appreciation for ongoing bilateral
cooperation in areas such as narcotics interdiction and
counter-terrorism. He said he hoped there would be greater dialogue
because, in recognition of Argentina's leadership role in the
region, we wanted to work with the GOA to strengthen the region.
President-elect Obama will seek the GOA's opinion and cooperation.
He recalled that Senator Hillary Rodham Clinton, the designated
Secretary of State, had visited Argentina ""and she will be back.""
Argentina is key to a peaceful, stable, and prosperous region.
¶10. (SBU) In stressing the importance of building parliamentary ties
between Argentina and the United States, Rep. Meeks noted, as
evidence of U.S. congressional desire for dialogue, the
establishment of a caucus of House members focused on OAS member
states, an Argentina caucus, and a Dialogue Caucus.
¶11. (SBU) Massa welcomed a change in paradigm for U.S. engagement
with the region and the world. He noted there had been some ""ups
and downs"" in the bilateral relationship over the previous four
years, but there were great expectations for improving relations
with Washington's new incoming administration. He hastened to say
this was not a criticism of the current administration but simply
the result of President-elect Obama's much-appreciated gesture of
calling CFK. The new year would be tough, but CFK was looking
forward to seeing President Obama at the Summit of the Americas in
Trinidad and Tobago in April. Cultural and educational ties were
important, but the GOA considered trade and investment to be key to
generating jobs. He added CFK's belief that there should be no
double standard on UN obligations; all nations must obey UN
resolutions. (Comment: Massa was previewing with the codel a theme
that CFK would touch upon publicly later in the day. Media quoted
CFK making a similar point, claiming the UK had been ignoring UN
calls for Argentina and the UK to negotiate on the
Malvinas/Falklands.)
U.S. interests in nationalization of private pensions
--------------------------------------------- --------
¶12. (SBU) Rep. Meeks said he hoped the GOA would be able to work out
satisfactory compensation to MetLife and New York Life for the
business they lost when the GOA nationalized the country's private
pension funds (reftel). He said it was important to address the
issue in a manner that would send a positive message to investors,
who were always looking to invest where the rules are clear and
contracts are enforced. Rep. Meeks said U.S. legislators were
""lying low for now,"" hoping an amicable settlement could be reached
without congressional intervention. Massa said the nationalization
of the private pension system had been poorly explained in the
press. He remarked on the problems of providing pension coverage in
a labor market where 40% of workers were ""informal,"" or off the
books, and unemployment was as high as 25% only a few years ago. He
noted that the private pension funds' commissions were as high as
30% of contributions, yet the conventional wisdom was that the state
remained the ultimate guarantor for workers at retirement. With the
incorporation of the private pension systems' assets into the public
retirement system, ""we now all have defined retirement benefits plus
the possibility of a complementary 401(k)-type system.""
¶13. (U) The codel did not have the opportunity to clear this
report.
WAYNE