• 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
Friday, 23 October 2015 23:57

SOS! Greece In Big Trouble (ΒΙΝΤΕΟ)

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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