The reform of the pension system will only decrease the cost of debt servicing and the cost of refunding contributions – a total of PLN 9 billion. The government will not spend any more, as it pursues fiscal consolidation...
Changes in the pension system are neutral for Poland’s present rating but may limit upward mobility of Poland’s rating from the current A2 level. Such a degree of reform reversal would not be likely in countries with the...
The economic slowdown has inflamed the dispute between the Ministry of Finance (MF), which is responsible for the state budget, and local governments. Mutual accusations are the same: handing out deductions lavishly and in a...
Poles have not been hit by ‘seven misfortunes’ because of the global economic crisis. People are becoming more and more affluent and, generally, satisfied. We believe that the unemployment rate in Poland, including the...
On the one hand, State Treasury property slowly gains in value, on the other, public debt is mounting rapidly. As it seems, before long, public debt might exceed the value of State Treasury property. Debt increase is common...
Debt reduction is now the real story of the American economy, just as real story behind the apparent free lunch of the last two decades was rising debt. The secret that has completely eluded Bernanke is that aggregate demand is...
Market old-timers (like me) have often said that the four most expensive words in the English language — or, on Wall Street, at least — are „this time is different.” Nevertheless, the phrase usually refers...
I być może to formę, a nie sam mechanizm funkcjonowania instytucji trzeba zmienić? Może wtedy inwestorzy dadzą szansę Europie? Te pytania stawia dr Charles Gave z WebGave. I przedstawia inwestorom dwa kuszące scenariusze...
Last month I gave a talk about the Debtwatch blog at Swinburne University of Technology, at the invitation of one of the blog’s most active members, Dr Matt Mitchell. The presentation mainly covers the history of how...
Worries over the big budget deficit in Greece have steadily escalated in recent weeks, causing the yield spread between Greek and German bonds to exceed 300 basis points (3 percentage points). But how serious is this crisis...