So here we have an article where we see hand wringing because European governments are not being aggressive enough in reducing benefits for pensioners.

These generous pension deals were made as part of a very simple equation: The public accepted less generous wages in exchange for the pension benefits.

But now, its inconvenient for countries trying to emulate the US YOYO (You’re On Your Own) model, so they want to ignore their contract.

Shades of the big 2½ automakers, who cut the same deal in the 1960s, and now want to be releases.

It’s going to be expensive, but that was known when these deals were cut in the 1950s and 1960s.