In a news story that should terrify Americans, Poland reduces public debt through pension funds overhaul (reform). On Wednesday, Poland’s Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings. The funds would effectively be left with only the equities portions of their assets, even this would be depleted, and there will be uncertainty about the number of new savers joining. By shifting some assets from the private funds into ZUS, the government can book those assets on the state balance sheet to...
