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Forum Post: PORTUGAL GOVERNMENT raids pension funds in order to meet EU deficit targets

Posted 3 years ago on Dec. 12, 2011, 3:47 p.m. EST by theaveng (602)
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Nothing is safe in this economy. First MF Global & former Senator John Corzine steal money from their customers' bank accounts. Now the state of Portugal is stealing funds from its own workers in order to satisfy the EU government's requirements.

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

ARTICLE - http://www.telegraph.co.uk/finance/financialcrisis/8932687/Portugal-raids-pension-funds-to-meet-deficit-targets.html

5 Comments

5 Comments


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[-] 1 points by KVNLGN (154) 3 years ago

only a matter of time before it happens in the US. i already emptied my 401k. there was an article in bloomberg months ago about the government raiding 401k's but it was removed within a day. i'd rather pay 10% penalty then have my assets stolen.

[-] 0 points by theaveng (602) 3 years ago

I've been watching the Euro and if it shows signs of collapse, I'll be converting my worthless paper to oil and gold stocks.

[-] 1 points by KVNLGN (154) 3 years ago

when the euro collapses from fed policy, the dollar should see a short term spike, pushing down gold and silver...then the contagion will travel across the atlantic and crush the dollar, then silver and gold skyrocket ! either way, the physical coins are going higher. stay away from all paper !

[-] 1 points by Windsofchange (1044) 3 years ago

http://assets.nydailynews.com/polopoly_fs/1.989468.1323481315!/img/httpImage/image.jpg_gen/derivatives/landscape_485/image.jpg

This Bill Bramhall cartoon pretty much sums it up. Corzine is one of them. He will get away with a slap on the wrist. Sadly.

[-] 1 points by Windsofchange (1044) 3 years ago

I give a damn. We will probably see more of this be done with other EU countries in trouble (PIIGS). I tell you, I know the European people are going to freak out over this and there will be mass protesting in the streets.

Austerity measures is one thing, but raiding the pension funds is pushing it a bit far.