Portuguese pension system could collapse within 8 years

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PORTUGAL - The Organisation for Economic Co-operation and Development (OECD) has warned urgent action needs to be taken if the Portuguese state pension system is to be financially sustained beyond 2014.

According to the OECD, updated official simulations show that the system will likely be in deficit by 2007, and could be financed thereafter for only 7 years by the pension trust fund. The current...

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