Poland Nationalizes Retirement Accounts!Submitted by JO4RP on Fri, 09/06/2013 - 18:47
Reuters is reporting that Poland has just nationalized their retirement system via a pension fund “overhaul”, a move Poland claims will reduct is public debt by 8 pct of GDP thanks to the theft of their citizens retirement savings.
The plan calls for private pension funds to be forceably converted to a state guaranteed system, without providing retirement holders ANY COMPENSATION!
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.
By shifting some assets from the private funds into ZUS, the government can book those assets on the state balance sheet to offset public debt, giving it more scope to borrow and spend. Finance Minister Jacek Rostowski said the changes will reduce public debt by about eight percent of GDP.