Eur 18 Billion, the Hidden Deficit in Civil Servants' Pensions

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Is the pension system of the public service sustainable? The question, which has been agitating observers for months, bounced back these days with the publication of a study by the Institute of Public Policy (IPP) which looks at the accounting rules of the system. Apparently, the debate is arid, not to say boring; but the reading of these few pages explains why the Court of Auditors considers that there is "no hidden deficit in the pension syste…