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News Link • Economy - International

Poland Selectively Defaults on Its Debt

• Lew Rockwell blog
Bad news arrived earlier this month for anyone with a stake in any private sector pension fund that had invested in the Polish government bonds. The government announced a 100 percent default on these bonds. It stiffed its creditors (lenders). It did this by seizing the bonds and cancelling them. All that takes is a few key strokes and the absence of law that protects the subjects from their masters. 

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