public finances

The changes proposed by the government have met with a fierce resistance from economists and other experts, because the campaign against the funds is clearly demagogic, and the nationalization threat conflicts with Poland’s successful transformation from communism, which has been based on privatization since 1989.

Ever since the start of the financial crisis, Slovakia has been having serious problems with the sustainability of its public finances.

Unfortunately, most governments are not using structural solutions; they are using cyclical solutions, such as greater monetary easing.

In truth, the middle income trap is just another exposition of how government policy can bring an economy to ruin.

“Ambiguities and differences in individual countries’ opinions about financial regulation setting are so enormous that the recent situation could be marked as worse than before.”

Finance Minister Rostowski claims that “the liquidation of the Open Pension Fund is not completely ruled out”. But he is far from being right. The liquidation of the Open Pension Fund is completely certain.

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It is definitely not a small amount; in 2012 alone the expenditure of the state oscillated around 680 billion PLN, and speaking more lucidly, 18,261 PLN per person.

But today it could happen anywhere; for example in China. It seems that counterparty mistrust among financial institutions reached extreme levels in China last week, where so called Shibor, or the Shanghai Interbank Offered Rate, has been surging.

According to the F. A. Hayek Foundation, total redistribution rate in Slovakia this year is 41.71% of gross domestic product.