Bloomberg News

Buenos Aires Province Lacks Funds to Pay Bonuses, Cronista Says

June 29, 2012

Argentina’s Buenos Aires province needs 1.8 billion pesos ($400 million) to pay provincial government employees their mid-year bonuses, newspaper Cronista Comercial reported, without saying how it obtained the information.

The 1 billion pesos that the federal government announced yesterday it will transfer aren’t enough to cover the province’s needs, as governor Daniel Scioli expected to receive 2.8 billion pesos from President Cristina Fernandez de Kirchner, Buenos Aires-based Cronista said.

The province has to pay salaries of 4.5 billion pesos and an additional 2.25 billion in bonuses. The 1 billion from the government, in addition to the province’s own resources, is only sufficient to pay salaries. There is no date set for the bonus payment.

To contact the reporter on this story: Camila Russo in Buenos Aires at crusso15@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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