Pension Fund Money Melts Away In Hungary
- 3 Oct 2013 9:00 AM
The Ft 3 trillion taken from private pension funds in 2011, when the government nationalised such funds, had dwindled to Ft 218.7 billion by the end of July, Világgazdaság writes. The bulk of the money, Ft 1.85 trillion, was spent on reducing the state debt, including the repayment of IMF loans.
The state pension fund received Ft 406 billion in 2011, and now manages Ft 218.7 billion after paying Ft 233 billion to former pension fund members.
Source: Hungary Around the Clock
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