“There is an intense cash flow problem and this leads to restrictions on withdrawals and the queues outside the banks. It means that there is not enough money in the banks and for this reason we closely monitor transactions. We hope that within the next week the normality will return,” said Social Insurance secretary general Giorgos Romanias on Wednesday to private radio VIMA FM.
Asked on social security funds’ liquidity, Romanias noted “There are 6 billion euros in the common capital of the Bank of Greece. The Common Capital exists to facilitate the social security funds to pay their pensions. This system did not operate these days. Irregularities of the past emerge today, at some point they must stop.
The Bank of Greece can’t invest this money and is not able to give money to the funds. It is an irregularity that continues for many years and the Bank of Greece profiteers on the funds’ money. They have money, but when the funds need the money they can’t use them.
(Source: ANA-MPA)
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