Exactly As I Warned, “Cyprusization” Goes Mainstream! Ireland On Tap, Next Up For Citizen Fund Confiscation (Again)
by Reggie Middleton
ZeroHedge.com
09/07/2013
Last year I wrote “The “Believe In Germany Bailing The EU” Trade: Go Long Magic Wand Raw Materials & Harry Potter Paraphernalia” wherein I warned of both the risk in Germany as a save all, and the risks posed to European FIRE sector companies (and insurers in particular) as a result of this belief in magic over math.
Well, now Bloomberg reports that Poland has literally confiscated private pension manager’s (read insurance companies) bonds with essentially no compensation, ex., they stole them, as per Bloomgerg – Poland to Cancel Bonds From Pension Funds in System Revamp:
Poland will take over and cancel government bonds held by its privately managed pension funds, stopping short of fully “nationalizing” the system as it seeks to curb public debt, Prime Minister Donald Tusk said.
Whaaaat!!!??? Cancel bonds? Outright theft! Listem carefully here. It’s not as if I didn’t tell you so. Now, what happens to those insurers whose pension funds under management were robbed? Again, revisit “The “Believe In Germany Bailing The EU” Trade: Go Long Magic Wand Raw Materials & Harry Potter Paraphernalia”. This plain as day and easy to see coming, and there’s a lot more coming!
Remember my many warnings this year on the Irish and EU banking system:
The Rest…HERE
