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

 
Luisport

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09/06/2013 03:00 PM

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Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
zerohedge ‏@zerohedge 1 min
Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load [link to www.zerohedge.com]
Luisport (OP)

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09/06/2013 03:00 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
shockedshockedshocked
Luisport (OP)

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09/06/2013 03:03 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
The response to the confiscation was, naturally, one of shock:


The reform is "a decimation of the ...(private pension fund) system to open up fiscal space for an easier life now for the government," said Peter Attard Montalto of Nomura. "The government has an odd definition of private property given it claims this is not nationalisation."



"This is worse than many on the markets had feared," a manager at one of the leading pension funds, who asked not to be identified, told Reuters.

"The devil is in the detail and we don't yet know a lot about the mechanism of these changes, what benchmarks will be use to evaluate our performance... (It) looks like pension funds will lose a lot of flexibility in what they can invest."

Catastrophic consequences for fund flows aside, the Polish prime minister had a prompt canned response:


Tusk said people joining the pension system in the future would not be obliged to pay into the private part of the system. Depending on the finer points, this could mean still fewer assets in the private funds.



"The (current) system has turned out to be built in part on rising public debt and turned out to be a very costly system," Tusk told a news conference.



"We believe that, apart from the positive consequence of this decision for public debt, pensions will also be safer."

You see, he is from the government, and he is confiscating the pensions to make them safer. Confiscation is Safety and all that...


Polish officials have tried to reassure investors, saying the overhaul avoids the more radical options of taking both bond and equity assets away from the private funds outright.



They say the old system effectively made Polish public debt appear higher than it really is.

Well, once you nationalize private assets, the public debt will lindeed appear lower than it was before confiscation: we give them that much.

End result: "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.... This may lead to the private pension systems shutting down," said Rafal Benecki of ING Bank Slaski."

Unconstitutional? What's that. But whatever it is, it's ok fine - after all the public pension system is still around. At least until that too is plundered. But in the meantime, all such pensions will be "safer" - the government guarantees it.

Best of all, in the aftermath of Cyprus, we now know what the two most recent European blueprints for preserving the myth of solvency are: bail ins, which confiscate deposits, and pension fund "overhauls", which confiscate, well, pension funds.

And now, back to the global recovery soap opera.
[link to www.zerohedge.com]
No More Lies

User ID: 1178326
United States
09/06/2013 03:05 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Cyprus 2.0
Thanks to whomever upgraded my account!
:nml:
Anonymous Coward
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09/06/2013 03:05 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Will the Polocks' roll over?
blue flash
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09/06/2013 03:05 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
zerohedge ‏@zerohedge 1 min
Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load [link to www.zerohedge.com]

 Quoting: Luisport


ru ro - not good rioting to happen soon maybe?
Anonymous Coward
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Romania
09/06/2013 03:06 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
"To summarize:
Government has too much debt to issue more debt
Government nationalizes private pension funds making their debt holdings an "asset" and commingles with other public assets
New confiscated assets net out sovereign debt liability, lowering the debt/GDP ratio
Debt/GDP drops below threshold, government can issue more sovereign debt"

this is huge! (Romania has the same "private pension" system..)
bump
Luisport (OP)

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09/06/2013 03:07 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
"To summarize:
Government has too much debt to issue more debt
Government nationalizes private pension funds making their debt holdings an "asset" and commingles with other public assets
New confiscated assets net out sovereign debt liability, lowering the debt/GDP ratio
Debt/GDP drops below threshold, government can issue more sovereign debt"

this is huge! (Romania has the same "private pension" system..)
bump
 Quoting: Anonymous Coward 43571268


This is just crazy!!! sfansfansfan
gebahie

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09/06/2013 03:10 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
bump
Luisport (OP)

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09/06/2013 03:13 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
zerohedge ‏@zerohedge 11 min
@sethdavidlewis At least they now "contribute" to GDP banana2
Mukk1234

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09/06/2013 03:16 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Dont worry I got this....

tele
Fuck it, lets party!!!!
Don't tase me bro

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09/06/2013 03:22 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Anonymous Coward
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09/06/2013 03:23 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
I DONT GET IT?

Is it a good or bad thing?!
Anonymous Coward
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Romania
09/06/2013 03:23 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
why am I worry about?
jobless, 45yo, two kids, no private/state pension and a pending WW3.
God loves us.. but He thinks we evolve only through suffering.. that's why he gave us the psychopaths - to make us suffer
Anonymous Coward
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09/06/2013 03:23 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
OP, thanks for posting. Five Stars!
Fire WatchModerator
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09/06/2013 03:25 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Coming to a country near you!!

O-smoke

Last Edited by Fire Watch on 09/06/2013 03:25 PM
When the people fear the government, there is tyranny. When the government fears the people, there is liberty. Thomas Jefferson
-------------------------------------
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson
Judethz
Israel is Eternal

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United Kingdom
09/06/2013 03:29 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
The response to the confiscation was, naturally, one of shock:
 Quoting: Luisport


relaxx kitty Gee whoever would have thunk it. fish
Bum
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09/06/2013 03:56 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Hope they hang the thieving bastards!
natasha77
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09/06/2013 04:00 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
ohgo22
SPEAK UP. SILENCE IS DEADLY!

I am currently experiencing life at several WTFs per hour.

flatearth
Anonymous Coward
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09/06/2013 04:04 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Theft is caring and protection.
Anonymous Coward
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United States
09/06/2013 04:12 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
The U.S. should do this with all government pensions.
No Dhimmi
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09/06/2013 04:24 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Thread: Hidden in the chaos - Bail Ins Continue -Government Lays Groundwork To Confiscate Your 401k and IRA -UPDATE p6
Background of my avatar: [link to en.wikipedia.org]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.
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We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
recollector

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Romania
09/06/2013 04:30 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
"To summarize:
Government has too much debt to issue more debt
Government nationalizes private pension funds making their debt holdings an "asset" and commingles with other public assets
New confiscated assets net out sovereign debt liability, lowering the debt/GDP ratio
Debt/GDP drops below threshold, government can issue more sovereign debt"

this is huge! (Romania has the same "private pension" system..)
bump
 Quoting: Anonymous Coward 43571268


This is just crazy!!! sfansfansfan
 Quoting: Luisport


Yet, 100% inevitable and expected to happen.
recollector
Luisport (OP)

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09/06/2013 04:31 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
zerohedge ‏@zerohedge 5 min
YUM BRANDS Q3 CHINA SAME-STORE SALES DECLINED AN ESTIMATED 11%. But, but, their made up PMI...
Luisport (OP)

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09/06/2013 04:39 PM

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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Reuters Business ‏@ReutersBiz 2 min
Slovenia to liquidate two small banks as bailout looms [link to reut.rs]
Anonymous Coward
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Romania
09/06/2013 04:58 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
This is not what is seems, it's about the state taking back the municipal bonds that cannot be paid back by the banckrupt cities and taking back those equity assets that are already worthless. So basically the pension funds did not lost anything because these assets were worthless.
Anonymous Coward
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09/06/2013 05:00 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
zerohedge ‏@zerohedge 1 min
Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load [link to www.zerohedge.com]

 Quoting: Luisport


...that's what we should do in this country to our fat, bloated, completely incompetent and self-absorbed baby boomer generation.
Anonymous Coward
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Poland
09/06/2013 05:12 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Today from the money from the Private Pension Funds you can buy 30 bananas a month . this also mean it is 15 -20 $ / a month .

If you read all truth about Private Pension Funds in Poland which colected money for 15 years and people was forced to belong to them you will be not able to believe it all is the truth .
Hard Eight

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09/06/2013 05:15 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
The U.S. should do this with all government pensions.
 Quoting: Anonymous Coward 21482523


They have...

U.S. Debt Ceiling: Government "Borrows" Pension Funds to Avoid ...


[link to moneymorning.com]


Government reaches debt limit, borrows against federal pension funds

[link to www.federaltimes.com]

Last Edited by Hard Eight on 09/06/2013 05:18 PM
Texas has yet to learn submission to any oppression, come from what source it may.
Sam Houston

"The beauty of the Second Amendment is that it will not be needed until they try to take it."
Thomas Jefferson
Anonymous Coward
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Poland
09/06/2013 05:17 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
Private Pension Funds in Poland - OFE -

is forced tribute to commercial companies wasting premiums (premium + management costs is about 10%, regardless of whether the fund is profitable or
losses).
Anonymous Coward
User ID: 1488672
Poland
09/06/2013 05:20 PM
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Re: Poland Confiscates Half Of Private Pension Funds To Cut Sovereign Debt Load!!!
QUOTE : somebody via google translator :

where are our money paid from 15 years to
OFE ? The actions of the incident " Agora " ? The bonds, which no one will buy ? maybe
are long unattainable for you to accounts in Switzerland , Cyprus, the
Cayman Islands, or who knows where ! You'll find out soon that the moment
commencement of pension payments , most of these " funds " will not be , and shares
other " funds " will be worth less than the paper on which they are printed !
That's not why pension funds have been set up to pay pensions to the Poles , and the " organizers "
This scam - Buzek and Balcerowicz, good to know about it ! Using
their power and forcing the Poles to donate their administrative , hard
money you earn some " dodgy " companies , called " funds " committed
apparent crime on a massive scale and long for it should be put in the
prison ! Note the salary and other " apanage " whole bunch of parasites
hanging out with pension funds , with Balcerowicz at the helm, the redemption ( for the money
future retirees ) dogorywających worthless shares of companies " swojaków " as
eg : Agora, and other equally " effective " action of these " funds " ! it is also difficult
now believe in the sincerity of the words of the Lord Rostovskii , since not so long ago , along with
Balcerowicz , fought to raise the retirement age. Both of these " humanists "
are themselves worthy , and probably would have never won a test for truthfulness . not
forget that in recent months, it is already the second major " move "
lobbyists and " bodyguards " pension funds towards postpone and reduce payments
Poles owed pensions! The first fake , for delaying the
pension , retirement or pension funds of the obligations to retirees , arranged for
smoothly after a short period of simulated resistance and negotiation, and nervous
making around Balcerowicz over raising the retirement age . Now start
explore the possibility of introducing further restrictions and if , after a period of
mock negotiations , friction and criticism, they fail to make it to
will come up (or already invented ! ) something new , no less treacherous and
vile , just to further plunder of Poles under the pretext of the future , it is true
more oddalanych , but allegedly sowitych pensions. Rejoice
OFE followers ! Wait and the rich for the 191zł over 20 years , or for up
382zł for 10 years, if any, will get some money ! But what will be ,
if you want to live longer? Maybe it's time to look into them, prosecution,
before they escape into "their" , and in fact for your money ? Apparently it is a
The office in our country ! ?

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