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Portugal raids public pension fund, joining Ireland & Hungary..

UK Telegraph

Excerpt:

The cabinet agreed to transfer the assets from four of Portugal’s biggest banks to the state balance sheet.

The assets will be used to bridge a gap needed to meet the fiscal deficit target of 5.9pc of GDP set by the terms of the country’s €78bn bail-out from around 10pc in 2010.

Portugal said it had informed the EU and IMF and assured them it would be a “one-off”. However, last year’s budget was met by shifting three pension plans from Portugal Telecom on to the public social security system.

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