Portugal raids pension funds to meet deficit targets

Well this should bring peace and happiness to the Portuguese people...

Portugal raids pension funds to meet deficit targets

Portugal has raided €5.6bn (£4.8bn) of pension fund assets in a controversial scramble to meet its deficit targets.

Let the riots begin.

That is absolutely outrageous.

And when I go look at portuguese news, I see football, the rescue of a few fishermen, a drop in car sales, and the opening of an international sex school in Austria.

Another example of take over by the banksters.

Political mafia at its best. S+F

I wonder if we can look forward to seeing this done throughout the EU countries? You'd wanna make sure the riot police were still on your side after you take their retirement. Get ready for pandemonium.

As I understand it, the state nationalised the pension fund of ex bank employees. Those now fall under the state retirement system.

In the end, the state took a burden off the hands of the banks, said ex-employees will get less pension benefits.

I see it as a double win for the banks.

It sort of like eating your own young.

It's already been done across Europe, Ireland, UK, Poland, France, Hungary etc. etc.

www.csmonitor.com...

Originally posted by Samuelis
I wonder if we can look forward to seeing this done throughout the EU countries? You'd wanna make sure the riot police were still on your side after you take their retirement. Get ready for pandemonium.

Of course they gonna do this EVERYWHERE... including in the US, Canada, Japan...

Everywhere. The only question is WHEN... but it's gonna happen.

Originally posted by Chrysalis
As I understand it, the state nationalised the pension fund of ex bank employees. Those now fall under the state retirement system.

Nothing should show more what banks a really all about here. They are the biggest leaches and bloodsuckers on the societys of the world. To think the government has to step in and subsidized the banks pension fund. Priceless.

Good thing I am not counting on a pension when I get old....if TPTB have their way, I will be working until I drop dead.

It will be interesting when this happens in the USA, wonder what the people will do then.

the poor Portuguese. But this has been happening in wholeof Europe.

My father who has worked for 41 years expecting a pension but they will not tell him how much it is. properly been wiped out.

this is fraud criminal activity at its worse.

one thing you shouldn't touch is pensions. But then again...88% of the worlds population dont have pensions, so guess we will all be the majority soon enough.

Originally posted by Chrysalis
As I understand it, the state nationalised the pension fund of ex bank employees. Those now fall under the state retirement system.

From what I have read, that's partially true (if I understood it right).

The state got the money for paying the pensions to the retired bank employees, so now that money enters the state's accounts. The banks do not have to pay the pensions, but some sources say that the banks may lose up 2 thousand million Euros (or 2 billions, for those that use that naming convention), because the banks now do not have that money available for what they wanted to do.

In the end, the state took a burden off the hands of the banks, said ex-employees will get less pension benefits.

No, the ex-employees get exactly the same benefits they did if this change hadn't happened, this was the result of two months (I think it was, but I'm not sure) discussions between the banks, the unions and the government, and as the government needed the money the unions didn't allow any benefit loss.

Also, this covers only the basic pension, any special pension plan is still is the hands of the banks.

But as all this is a little too confusing to me, I may be completely wrong.