Greece at a Breaking Point?
I am off to Greece for the rest of the month so I decided to focus my attention on my ancestral home. Roula Salourou of ekathimerini reports, Pension system nears breaking point : The ticking time bomb of the social security system will not explode in 2025, but 10 years earlier, or next year, according to a study by the Institute of Labor of the General Confederation of Greek Labor (INE/GSEE) which is to be presented in Thessaloniki on Thursday. GSEE’s annual report on the Greek economy includes a chapter on the aging population and the sustainability of the social security system from 2013 to 2050. Its conclusions, which Kathimerini has seen, say that the prolonged recession and high unemployment have brought forward the pension system’s crumbling point by a decade and that in order to become viable the system requires additional resources of 950 million euros for 2016 alone. The system’s extra requirements are expected to grow rapidly in the following years, soaring to 2.67