100% agree gnf, hence my surprise that the money previously allocated for this pension obligation (€22.1 billion) appears to have been reallocated for current spending in 2015 without so much as a murmur about it. Now we're supposed to get all excited that a new fund has been set up to take it's place ... I for one would much rather the original fund be reinstated to it's original purpose and that it be ring fenced with guarantees that it is for pension and social welfare obligations. As things stand I have zero confidence that this RDF is anything other than making it look like they're doing something. As the Duke said on the other thread, borrowing now to provide a rainy day fund for some time in the future just doesn't make sense.Yes the concept of this was correct. The problem was it was raided when it suited the government/IMF - which I do understand. BUT when it was raided in an emergency, focus should be on returning the money to it when times recovered. The issue is still there is a massive future pension obligation that needs to be addressed. Putting our collective heads in the sand, and constantly raising the state pension is only compounding the issue.
I don't want my children burdened any more than they already are. We need to stop deferring liabilities to them and paying for ourselves in the current time.