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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Poland starts expropriating private pension fund assets

By cpowell
Created 2013-09-05 14:26

Poland to Cancel Bonds in Pension Funds

By Piotr Skolimowski and Marta Waldoch
Bloomberg News
Wednesday, September 4, 2013

WARSAW -- Poland will take over and cancel government bonds held by its privately managed pension funds, stopping short of fully "nationalizing" the system as it seeks to curb public debt, Prime Minister Donald Tusk said.

Pension funds will keep current assets that they invested in stocks and future contributions to the system by Poles will be "voluntary," Tusk told reporters today.

For the full story:

http://www.bloomberg.com/news/2013-09-04/poland-to-take-over-bonds-from-... [1]

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Poland Reduces Public Debt through Pension Funds Overhaul

By Dagmara Leszkowicz and Chris Borowski
Reuters
Wednesday, September 4, 2013

WARSAW -- 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.

For the full story:

http://www.reuters.com/article/2013/09/04/poland-pensions-idUSL6N0H02UV2... [2]



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