Argentina’s pension holders are on edge. First massive falls in the stock exchange meant big losses in their savings. And now a government announcement that private pension funds are to be nationalised is doing little to reassure them.

"Many members of my family hold their pension in the public system and only receive about a third of what’s due to them. That’s because the government has never adjusted the payment scheme. So I don’t believe them when they say the government is solvent and capable of giving a decent income to everybody. They are all liars who want to rob us," says pensioner Beatriz Van de Velde.

"Stop screwing us over. Do you understand what I’m trying to say? I’m going to do all I can to struggle, to defend my rights before the national and international courts if they end up taking away my savings," protests Francisco, another pensioner.

'Breach of private property' and ‘pillage’ are words some are using to describe the government’s plans. But many retired people are backing the decision. Like 73-year-old Jose, who, like 5 million other Argentines, decided to keep his pension in the public system for political reasons.

"A company, wherever it is in the world, can go bankrupt or can fall victim to fraud. And in that case you’d be left empty handed. So if I keep my pension in the public system, it’s for reasons of solidarity. I don’t say it’s better, it is just my personal conviction," argues Jose Martinez.

Many observers believe that, by appropriating the $25 billion held by private pension funds, the government wasn’t acting in the best interests of the nine million people affected.

"No, it’s not about cutting a good deal. The government just wants to obtain money to finance its next political campaign and to pay off its foreign debt. We propose that all this money should be destined only for pensions and that a national commission made up of retired people should control how the funds are used," demands Raul Castells, president of the Movement for the Retired and Unemployed during a demonstration in front of the Parliament.

It’s a solution that the conservative opposition does not support. They denounce the measure, suggesting it fuels the crisis rather than restore confidence. Hence, they refuse to rubber stamp the move.

"We are rejecting this plan in its entirety. And whatever changes they introduce, we won’t vote for it because we can’t trust a bunch of thieves like this government for even a second," says Elisa Carrio, president of the Civic Coalition and the main opponent of President Kirchner’s policy.

The current crisis has reinforced the president’s criticisms of the international financial markets. However, her nationalisation plan is still far from adopted. The controversy is set to reach a climax next Thursday when the government presents its proposal to Parliament.