Hungary Protestors Slam State ‘Robbery’ of Private Pensions
Several thousand Hungarians protested in Budapest Tuesday against a plan by Prime Minister Viktor Orban's government to nationalise private pension funds from January, a move protestors said amounts to "robbery".
The law was proposed last week by Economy Minster Mihaly Varga, who said it would protect savings and pensions.
Analysts say the scheme would bring an estimated 200 billion forints (650 million euros, $815 million) into the state coffers.
Desperate governments always turn to plundering the low hanging fruit of private retirement assets. Obama's new myIRA program is in incremental step in the direction that Hungary is going in. Learn how to protect yourself in this IM article.