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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.
Grouped Articles
Pensions in Greece Feel the Pinch of Debt Negotiations
New York Times 06.08.2015
As Greece Deadline Looms, European Central Bank Plays Key Role
New York Times 06.21.2015
Alexis Tsipras, Greek Prime Minister, Sheds His Identity as a Radical
New York Times 07.21.2015
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