Bloomberg News

Hungary Spends Half of Pension Assets, Vilaggazdasag Reports

August 16, 2012

Hungarian private pension fund assets, which the government nationalized last year, dropped to 591 billion forint ($2.6 billion) by the end of May, compared with 3 trillion forint at the time the state acquired them, Vilaggazdasag said, citing government data.

The Cabinet has spent about 1.5 trillion forint of the assets buying back government debt and the value of the remainder fell due to the economic crisis, the newspaper said.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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