Hungarian Politics

[alfred russel]

It looks like they might be trying to transition to a Chilean-style quasi-private pension.

Tamas, is this right? You will now only get that 10% which you put in, which you can manage to some degree?

[Martinus]

Is there some transition date in the future, when your payout wll be determined solely by your 10% contribution?

I ask because there are presumably current retirees who are getting more; otherwise there would be nothing for the 24% to finance.

You have to remember that most Eastern Bloc countries have pretty much bankrupt pension systems for people who worked most of their lives through the communist era.

[Tamas]

It looks like they might be trying to transition to a Chilean-style quasi-private pension.

Tamas, is this right? You will now only get that 10% which you put in, which you can manage to some degree?

You have had some control over your account in the private funds. Namely you could choose, each year, between a conservative, an intermediate, and a "growth" portfolio. Even the latter had to have like 30% of it's money in Hungarian state bonds though. But I have been in it of course and it's been rather nice.

There is no talk of anything like that for the new state pension system. What we know right now is that they'll just sit on the money as it will pile up. My guess is that of course they will buy their own bonds with it though, so they can use it, and shield the gathering funds from inflation.

[Tamas]

Tamas, so it sounds as though the 24% is just going to become another part of tax revenues (used in the short term to cover the current pension system)? You would think that by the time you retire most of the current pensioners would be dead and you could receive a pension from the 24%.

Yes, the 24% appears to become just an other tax revenue. Well, actually, this proposed plan calls for attempting to switch 10% of it to the pension payment done by the individual taxpayer (so eventually they would want to have 20% payment into one's pension account, and 14% into the big void of the budget), but it was described only as a possibility.

As for the dead pensioners, IIRC current trend is that there will be about 3 inactives to be supported by each active by the time I get old.

[Tamas]

Is there some transition date in the future, when your payout wll be determined solely by your 10% contribution?

I ask because there are presumably current retirees who are getting more; otherwise there would be nothing for the 24% to finance.

You have to remember that most Eastern Bloc countries have pretty much bankrupt pension systems for people who worked most of their lives through the communist era.

Yeah I mentioned this also. The payments toward pension in the communist era were spent on normal budgetary expenses. Yay worker's paradise!

[Tamas]

In other news, it was promised that punishments according to the new media law would only start from 1st of July, and the authority promptly launched an investigation of the homepage of the most vicious (and dumb) leftie newspaper, because "a citizen" filed a complaint because of a blog comment insulting the President.

While since then a dignitary from the authority stated that they have no right to sanction such comments, almost all the major political blogs I have been following have disabled their comment sections, replacing it with a facebook link, to force conversations there.

Great.

[Tamas]

Last 16 months, until yesterday, Hungarian government: "IMF is the evöl! We have conducted successful freedom fight, IMF is out of the country! We are teh radical revolutionizers of modern economics. We need no leeching IMF bankers"

Last two weeks: two bond-sale fails completely. No buyers. The sale on this week was "successful" Some were bought on 8% interest.

Yesterday afternoon, Finance Minister: "we are making a deal with the IMF"
Later that afternoon, IMF: "uhm, what? We have a bunch of guys in there right now but they are not deal-makers. But okay, we will send some negotiators over to see what's up"
This morning, government: "the deal will be signed start of next year, the EU will also be involved in it"
This morning, EU: "say what?"

Not sure if I should laugh or cry.

[Sheilbh]

Is the opposition getting their act together at least?

[Tamas]

Is the opposition getting their act together at least?

No, the controversial former socialist PM, Gyurcsany, seceded and formed his own miniscule party from other defectors. The government cockblocked these MPs from forming a new faction in Parlaiment though so that cuts back on their frontpage time. Too bad, because while no saints or saviors, they have at least left behind the fuckin' Old Guard of the communist era in their original party.

[Sheilbh]

Will Fidesz at least lose their majority? Coalition could be good for them.

I've always kind of liked what I've read about Gyurcsany, even the lying comment.

[Valmy]

Too bad, because while no saints or saviors, they have at least left behind the fuckin' Old Guard of the communist era in their original party.

It has been 22 years.  That Old Guard must really be old now.

[Tamas]

Too bad, because while no saints or saviors, they have at least left behind the fuckin' Old Guard of the communist era in their original party.

It has been 22 years.  That Old Guard must really be old now.

ok, the  current ones werent first line then, but they have their philosophy in conducting politics.

And no, Fidesz still has 2/3rd and I can't see anything sort of a revolution taking that from them.

I kinda liked Gyurcsany too but instead of leaving when even his own party blocked him, he instead retreated from the reform attempts and tried to buy off said old guard. Fuck that.

[Tamas]

I think what describes the country's mood is that I hear about, and know, more and more people who go abroad.

Sure, due to my work and hobbies I know mostly people who speak at lest English in some level, but the rising trend cannot be ignored.

[PDH]

Even the beets can't keep them at home

[Tamas]

Even the beets can't keep them at home