Wednesday, September 11, 2013

Shots across the bow...

...when pension funds for citizens are considered a strategic asset, anything is possible.  This is even more remarkable given the lack of legal process involved in what appears to be an asset coup from private (foreigners) to public funds.

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.

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