Sovereign debt crises and pension reforms in selected European countries

Abstract

The "Great Recession" and sovereign debt crises in several EU countries in the wake of the 2008 financial market crisis have triggered drastic reforms in old-age security systems. Almost exclusively, the reforms meant retrenchments with often severe and immediate consequences for the living conditions of present and future pensioners. This paper deals with the contents and circumstances facilitating or enforcing the reforms in nine EU countries: Greece, Hungary, Ireland, Italy, Latvia, Portugal, Romania, Spain, and the UK. Cross-national comparison reveals similarities and differences and also sheds light on the social consequences that are already visible today. (original abstract)