Unfortunately, an ever-increasing weight of evidence from emerging Europe suggests that, however good the second-pillar idea may be in theory, it is never long before it bumps up against hard political realities.
Hungary, the first country in the region to opt for the system back in 1998, was also the first to lose it when Viktor Orban’s Fidesz party appropriated the funds to boost the state budget in 2010. No other government has gone quite that far.
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