Sunday, December 4, 2011

Another country grabs its citizens pensions

This time its Portugal

Portugal has raided €5.6bn (£4.8bn) of pension fund assets in a controversial scramble to meet its deficit targets.

Portugal said it had informed the EU and IMF and assured them it would be a “one-off”. However the 2010 budget was met by shifting three pension plans from Portugal Telecom on to the public social security system. The liabilities don’t count, yet.

Instead of "one-off" it sounds like f**k off to the people counting on these pensions. But hey as long as the status quo is maintained and the politicians get re-elected that is all that matters. We now have Argentina, Hungary, France, Ireland, and now Portugal stealing peoples pensions so that politicians do not have to make hard budget decisions that might possibly affect their re-election prospects. this could never happen in the US, right?

No comments:

Related Posts Plugin for WordPress, Blogger...