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Burton Malkiel Talks About Efficient Markets
In this video sponsored by Vanguard, Burton Malkiel, Princeton professor and author of "A Random Walk Down Wall Street," talks with RIJ editor Kerry Pechter about what "efficient market" means to him. The 10th edition of "A Random Walk" has just been published.
Industry Views are special reports that are sponsored and independent from RIJ's editorial content.
December 7, 2011, News, International
Portugal to apply pension funds to deficit
The measure aims to transfer pension funds' liabilities to the Portugese Social Security program while using the assets to help the government meet its budget deficit target and pay down its debt.
The Portuguese government has agreed to transfer €6bn ($8.05 bn) from the pension funds of four of country's largest banks to the state as part of a plan to cut the deficit to 5.9% of GDP. The government will use the assets to meet its budget-deficit target and pay part of the state's debts currently held by banks, according to a government official.
Maria João Louro, business leader for retirement, risk and finance at Mercer, said the government believes the "exceptional measure" is the only means of avoiding tax hikes while meeting its public deficit target.
The measure aims to transfer the pension funds' liabilities – specifically, liabilities related with pensions in payment – to the Social Security regime.
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