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Pensions in Greece Feel the Pinch of Debt Negotiations
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Greece's pension system was unraveling even before the crisis. Generous provisions from earlier days of political influence led to early retirement by age 50 for some people. People taking early retirement after the crisis started has increased the number of retirees. The aging population has increased the size of the retirees relative to people working, especially with young people unemployed. About 16% of the GDP of Greece goes to pensions. Early in the crisis the retirement system took a hit of 10 billion euros on the declining value of Greek government bonds, wiping out 60% of reserves. Greece's banks were supported, but the retirement system was further weakened. In 2015 45% of the retirees of 2.6 million live at or below the poverty line, having seen cuts of 35-48% in the pensions since the crisis began. With the changes for retirees pensions of 900 euros a month are now about 700 euros for some of the retirees.
The retirement system in Greece
06/08/2015
Daley provides an indepth account of the problems facing the retirement system in Greece. The EU and Greece's creditors are calling for the elimination of the early retirement provisions in the system which let some people retire at 50 years, and cuts in pensions in addition to the 35-43% in cuts already made. This is a key stumbling block in the creditor negotiations with the Syriza government in June 2015. The pension system had problems before the crisis and is highly fragmented with 130 different pension funds. It took a hit of 10 billion euros early in the crisis, as the value of the Greek government bonds declined in value, wiping out about 60% of the reserves. Pensioners face difficult prospects with the poorly financed pension system supporting about 2.6 million pensioners. About 45% of pensioners live below the poverty line, according to Greece's government figures.
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