The Debt Crisis in poland. Gavin Rae ( Kozminski University ) [email protected] What Crisis ? . Public debt below 50% GDP Only grew by 10% since start of crisis (EU average 25%) Budget deficit below 4% GDP BUT:
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- 51.5% of the assets held by the OFEs (mainly government bonds)shiftedto the state pay-as-you-go system.
- Privatepensionfundsbanned from investing in treasuries and treasury-guranteed fixed income secutiries
- Duringthe ten years prior to an individual’s retirement a person’s funds held by privatefundswill be transferred to nationalinsurancecompany.
- BetweenApril and July 2014, everyone must decide whether they want to continue investing in OFE at all or have the whole of their pension payment put into statescheme