{"id":11478,"date":"2015-08-26T08:43:15","date_gmt":"2015-08-26T13:43:15","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11478"},"modified":"2015-08-26T08:43:15","modified_gmt":"2015-08-26T13:43:15","slug":"meanwhile-in-greece-pension-funds-tap-emergency-loans","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11478","title":{"rendered":"Meanwhile In Greece, Pension Funds Tap Emergency Loans"},"content":{"rendered":"

Meanwhile In Greece, Pension Funds Tap Emergency Loans<\/a><\/h3>\n
This has not been a great year to be a pensioner in Greece.<\/div>\n

Over the course of the country\u2019s fraught bailout talks, Greece\u2019s pension system was frequently in the troika\u2019s crosshairs. As for PM Alexis Tsipras, pension cuts were generally considered to be a so-called “red line” and intractable disagreements over pension reform quite frequently resulted in the total breakdown of negotiations.<\/p>\n

Meanwhile, the increasingly untenable financial situation and acute liquidity squeeze very often meant that payments to pensioners were in doubt, even as Athens went out of its way to assure the public that whatever funds were left in Greece\u2019s depleted coffers would go to public sector employees before they would go to EU creditors or to Christine Lagarde.<\/p>\n

The situation reached it\u2019s “heartbreaking<\/a>”\u00a0low point on July 1 when Greek banks that had been shuttered after the institution of capital controls opened for a few hours to ration payments to long lines of pensioners who were forced to effectively beg for \u20ac120.<\/p>\n

In theory, the bailout agreement – while promising more austerity and more pressure on the bloated pension system – should at least guarantee that there will be money in the banks to make monthly payments, but that assumption now looks to be in doubt because as\u00a0Kathimerini reports<\/a>,\u00a0both IKA and ETAA are tapping a contingency fund that guarantees social security programs for fear that the provisions of the bailout will not provide for sufficient enough savings to fund the remainder of this year\u2019s payouts.<\/strong>\u00a0Here\u2019s the story:<\/p>\n

\n
Greece\u2019s state insurance funds are resorting to external loans to cover their needs as fears grow that the measures of the third bailout will not be enough to cover the rest of 2015\u2019s liquidity needs.<\/em><\/div>\n<\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n

\u00a0<\/i><\/b><\/p><\/blockquote>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Meanwhile In Greece, Pension Funds Tap Emergency Loans This has not been a great year to be a pensioner in Greece. Over the course of the country\u2019s fraught bailout talks, Greece\u2019s pension system was frequently in the troika\u2019s crosshairs. As for PM Alexis Tsipras, pension cuts were generally considered to be a so-called “red line” […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[8353,6177,233,279,1167,418,8447,2868,2858,4318],"class_list":["post-11478","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alexis","tag-christine-lagarde","tag-ecb","tag-eu","tag-greece","tag-imf","tag-pensioners","tag-troika","tag-tsipras","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11478"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11478\/revisions"}],"predecessor-version":[{"id":11479,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11478\/revisions\/11479"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}