State of reform
As governments struggle to reign in public expenditure, their cumbersome pension liabilities look a likely target for reform. But, with the falling value of private pensions, state guarantees have become more attractive than ever. Blake Evans-Pritchard reports
Desperate to regain control of the economy, governments all over the world have been embarking on costly tax-cutting and financial restructuring programmes. While the tangible benefits of this have yet to be felt, the costs are becoming all-too-obvious: gaping holes have started to appear in the balance sheets of some of the world's largest economies.
The International Monetary Fund estimates the G20 group of most-developed nations will spend as much as 1.5% of GDP on recovery measures this year
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