From 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.
(Emphasis mine)
This was done to shore up their sovereign debt. If Poland is successful, I wonder how long before other nations decide to nationalize those assets.
With the looming pension and Medicare crises at home, how secure do you think your retirement investments are?
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