The national pension system's Reserve Fund, known as the "pension piggy bank," lost three billion euros last year because the government took out 7 billion to address problems in the Treasury.
The loss was not any bigger thanks to 2.79 billion in revenues that the fund created itself. The Peoples' Party, which criticized the government before for concentrating "pension piggy bank" investments in Spanish debt, chose not to balance its allocation but increase its investment in Spanish debt to 97.46% and only 1.53 billion (2.54%) in foreign debt assets compared to 6.57 billion (10.13%) from 2011. Isn't it dangerous to put all your eggs in one basket?
The Ministry of Employment and Ministry of the Economy should revise their investment strategies, especially when dealing with retirees' pension money.
