The Adam Smith Institute Blog
European nations begin seizing private pensions
Hungary, Poland, and three other nations take over citizens' pension money to make up government budget shortfalls.
By Jan Iwanik, Guest blogger / January 2, 2011
The most striking example is Hungary, where last month the government made the citizens an offer they could not refuse. They could either remit their individual retirement savings to the state, or lose the right to the basic state pension (but still have an obligation to pay contributions for it). In this extortionate way, the government wants to gain control over $14bn of individual retirement savings.
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