More American workers will lose their jobs, the destruction of Peru's Social Security System will continue, and Citibank will continue to make billions off the deal.....
http://www.citizen.org/hot_issues/issue.cfm?ID=1644May 10 “Deal” With Administration Failed to Fix Provisions that Could Benefit Citibank; Democrats Must Not Impose on Peru Bad Policy They Fought at Home
WASHINGTON, D.C. – U.S. Social Security, consumer and labor advocates released a report today revealing provisions buried in the Peru Free Trade Agreement (FTA) that could undermine attempts to reverse Peru’s failed social security privatization, placing Democrats voting for the pact in a position of contradicting their longstanding opposition to a similar privatization plan proposed by President Bush.
The groups pledged to escalate efforts – launched months ago by Peruvian labor and retiree groups – to urge Democrats to change these FTA provisions, which were left unaddressed in the May 10 “deal” between some House Democratic leaders and the Bush administration to facilitate passage of the Peru FTA.
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“USAction helped lead the fight to protect the right to retire with dignity through our Social Security system. A broad coalition of Democratic and progressive leaders fought successfully to resist the Bush administration’s efforts to privatize it, despite massive pressure from hard-line conservatives and corporate special interests. Now the same corporate forces that tried to destroy our Social Security, under the guise of ‘free trade,’ are trying to destroy the social security system in Peru. Congress rejected Social Security privatization in 2005 and should reject it again in 2007 – whether it’s for Americans, Peruvians or Canadians. The promise of a secure retirement shouldn’t stop at America’s borders,” said William McNary, President of USAction.
The apparent beneficiary of these provisions would be Citibank, which is the largest shareholder in ProFuturo AFP, one of the private retirement account providers authorized to compete against the public social security system.
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