Government’s Plan to Raid Public Pensions ‘Illegal,’ says Court

Victory for retired pensioners and workers in Portugal as austerity proposal shot down.

The pattern of seizing workers’ retirements by slashing pension benefits or raiding the funds in order to reduce budget deficits has been seen across Europe and in the U.S.

But in Portugal on Thursday, where the government has imposed draconian austerity policies in order to please the “Troika”—the European Union, International Monetary Fund and European Central Bank—a court ruled that a new government ploy to cut pension payments to retired workers would be “illegal” as it would threaten the “principle of trust” on which such agreements are based.

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