HUNGARY - Moody's Investors Service has downgraded Hungary in part because of its decision to nationalise its private pension system.
The government plans to transfer contributions from the private pension sector to the public pension fund until the end of 2011. This will provide consistent revenue for next year while reducing the outstanding...
HUNGARY - Hungary will cancel about 1.5trn forint ($7.5bn) of bonds after taking over the assets of privately managed pension funds to "immediately" cut indebtedness, according to the Debt Management Agency.
HUNGARY - Hungary's decision to bring the majority of private-pension savings under state control was "credit negative" and a key factor behind downgrading the country's debt rating, Moody's Investor Service said.
EUROPE - The CEE Stock Exchange Group, which includes bourses in Vienna, Budapest, Prague and Ljubljana, said trading volumes may drop this year in the Hungarian capital following the nationalisation of private pension funds.
HUNGARY - Hungarian private-pension funds retained 102,000 clients, or about 3.2% of their previous membership, by yesterday's deadline in the government's drive to funnel their assets to the state, said Gabriella Selmeczi, the government commissioner...
HUNGARY - Hungary's Stabilitas Fund Association has written to the European Commission requesting "immediate help" in fighting the government's pension reform plans.