Europe Starts Confiscating Private Pension Funds

01-05-2011 05:27 AM


'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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That's disgusting. I'm a European and I'm very disappointed with this. Why is our continent confiscating peoples' hard earned private cash? It's horrible and something that definitely should not be done.