Throughout its history, the government of Argentina has often resorted to expropriating the property of its creditors and citizens. This month, in an ostensible move to protect the savings of workers in the face of a worldwide financial crisis, the administration of Cristina Fernández de Kirchner has proposed doing it again by nationalising private pension funds.

Taking over management of the pension assets of 9.5m people could, if the proposal makes it into law, ease the government’s debt repayment problems in coming years. It may also allow room for counter-cyclical measures to offset the global economic slowdown.