Cyprus, now Poland
Posted: Fri Sep 06, 2013 3:07 pmAnother precedent-setting move by Poland this time? This has been discussed at the highest levels in the US
http://www.reuters.com/article/2013/09/ ... dType=RSS&
More at the link, but here's a taste:
UPDATE 2-Poland reduces public debt through pension funds overhaul
Wed Sep 4, 2013 12:56pm EDT
* Reform moves bond assets from private to state fund
* Some equity assets to gradually move to state as well
* Changes seen reducing Polish public debt by 8 pct of GDP
* Funds say moves could be unconstitutional
* Warnings that private pension funds could be wiped out
By Dagmara Leszkowicz and Chris Borowski
WARSAW, Sept 4 (Reuters) - Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned.
The changes went deeper than many in the market expected and could fuel investor concerns that the government is ditching some business-friendly policies to try to improve its flagging popularity with voters.
The Polish pension funds' organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.
http://www.reuters.com/article/2013/09/ ... dType=RSS&
More at the link, but here's a taste:
UPDATE 2-Poland reduces public debt through pension funds overhaul
Wed Sep 4, 2013 12:56pm EDT
* Reform moves bond assets from private to state fund
* Some equity assets to gradually move to state as well
* Changes seen reducing Polish public debt by 8 pct of GDP
* Funds say moves could be unconstitutional
* Warnings that private pension funds could be wiped out
By Dagmara Leszkowicz and Chris Borowski
WARSAW, Sept 4 (Reuters) - Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned.
The changes went deeper than many in the market expected and could fuel investor concerns that the government is ditching some business-friendly policies to try to improve its flagging popularity with voters.
The Polish pension funds' organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.
