POLAND CONFISCATES HALF OF CITIZENS' PENSIONS

Government debt-phobic reporting at World Net Daily here. (Please pay no attention to any ads for the metals...sorry.)

Some interesting information about Poland's 'self-imposed constraints' related to the ratio of their stock measure of government bonds issued vs. their annual GDP flow.

Polish Finance Minister Jacek Rostowski said the change will reduce Polish national debt about 8 percent of Polish Gross Domestic Product, or GDP, a move that allows the Polish government to resume another round of aggressive debt creation by borrowing in international markets, as reported by ZeroHedge.com. (Ed: The usual suspects!)

By confiscating, or otherwise “nationalizing” the bonds held private retirement accounts of Polish citizens, the government – with public debt currently standing at approximately 52.7 percent of GDP – circumvents two threshold restrictions that deter the government from allowing debt to rise to over 50 percent of GDP, followed by a second deterrence that kicks in when national debt hits 55 percent of GDP.

Reuters reported that by shifting bonds held in private retirement accounts into ZUS, the government can book those assets on the state balance sheet to offset public debt, giving the government more scope to borrow and spend.

Looks like the Poles are borrowing in a foreign currency or something, perhaps Euros or USDs as there is a reference here to borrowing in "international markets".   And they are up against some sort of 50%-55% "debt to GDP ratio" so-called and are taking extraordinary measures to avoid losing the ability to issue government bonds.

Hard to tell what currency the government is issuing the bonds in as the WND guy Corsi who wrote this up seems to think "money is money".

Sounds like there is currently much chaos in the Polish fiscal policy in any regard, welcome to the club Poland!