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Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load

Friday, September 6, 2013 - 2:54 PM

While the world was glued to the developments in the Mediterranean in the past week, Poland took a page straight out of Rahm Emanuel's playbook and in order to not let a crisis go to waste, announced quietly that it would transfer to the state - i.e., confiscate - the bulk of assets owned by the country's private pension funds (many of them owned by such foreign firms as PIMCO parent Allianz, AXA, Generali, ING and Aviva), without offering any compensation. In effect, the state just nationalized roughly half of the private sector pension fund assets, although it had a more politically correct name for it: pension overhaul.

Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load | Zero Hedge



MikeMike327 posts since
Feb 22, 2010
Rep Points: 876
1. Saturday, September 7, 2013 - 3:46 PM
This is a portion from the Christian Science Monitor from March of 2011

People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two others refer to national funds.

Nothing new here--- Believe countries in South America raided pensions long before 2011. Even President Reagan permanently delayed by one day military paycheck to the first day of the month instead of the last day when he ran out of money. Maybe you need to find out where the money has come from when Congress has not extended the debt in many situations. Money has been borrowed from several funds. There are many funds that have unspent money in them. Look at the SS money that has been borrowed. Whose pension is that? This has been done since the early 80's.  

Ally6770Ally6770943 posts since
Jan 16, 2010
Rep Points: 2,742