“Well, once you nationalize private assets, the public debt will lindeed appear lower than it was before confiscation: we give them that much. End result: ‘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…. ‘This may lead to the private pension systems shutting down,’ said Rafal Benecki of ING Bank Slaski.’ But best of all, in the aftermath of Cyprus, we now know what the two most recent European blueprints for preserving the myth of solvency are: bail-ins, which confiscate deposits, and pension fund ‘overhauls’, which confiscate, well, pension funds.”
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