Argentina to stimulate economy with home loans
BUENOS AIRES, Argentina (AP) -- Argentina is rolling out a major economic stimulus plan, using pension funds to provide nearly cost-free housing loans of up to $77,000 to 400,000 people who won't need to provide any proof of their ability to pay the money back.
Buenos Aires Gov. Daniel Scioli on Wednesday ordered all "non-productive" government-owned land to be made available for the program President Cristina Fernandez announced hours earlier. The vast Buenos Aires province surrounding Argentina's capital is plagued with slums and has by far the nation's largest population in need of housing.
The program named "ProCreate" won both praise and criticism Wednesday from the government's political opponents. Both economic stimulus and housing assistance are sorely needed, but they question whether the government can follow through on its promises and avoid corruption.