The German Minister of Economy and Vice-Chancellor, Mr. Sigmar Gabriel, a few days ago has declared that the European Union should not submit to the demands of the United States, referring to the negotiations on the TTIP (Transatlantic Trade and Investments Partnership). He said the negotiations failed. By saying so, he joined French Prime Minister, Manuel Valls, as well as French Secretary of State for External Trade, Mr. Matthias Fekl.

  • Greece’s worker to pension ratio is an unsustainable 1.38 compared to UK’s 2.75. This means there are just 138 people in employment for 100 Greek pensioners.
  • Since 2000, the Greek pension system has received €216 billion in subsidies to prop up an unsustainable system.
  • Pension funds were required to invest 77% of funded portion into Greek Government bonds, leading to catastrophic losses that had to be covered by Government subsidy.
  • Pensions to former public utilities employees have cost the equivalent of 8% of total income tax receipts.
  • €50 billion privatisation programme will take 100 years to implement at current rate of progress.
  • New proposals aim to cut government support by €1.8 billion out of system distributing just under €30 billion.
Published in Ελλάδα

Yves here. This post makes some important observations about how the elite levels of Greece engage in rent-seeking, aka corruption, and can continue those strategies even in the face of economic collapse, to the detriment to the rest of Greek society. It’s an important counter-frame because many accounts of what has

Published in Ελλάδα