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GreekReporter.comGreek NewsEconomy'Black Hole' in Funds Causes Deficit in Pensions

'Black Hole' in Funds Causes Deficit in Pensions

ikaThe insurance funds’ deficit has reached 13.88 billion euros and it is threatening the pensions of Greek citizens. Out of the total 1 billion euros came from delayed lump sums, as well as main and supplementary pensions that the funds owe to 330,000 citizens who applied for temporary pension.
The remaining 12.88 billion euro deficit was caused from obligations within the Funds, causing major concern about further cuts to pensions.
The country’s creditors have been pressuring Greece for further reductions in main and supplementary pensions with permanent cuts in 2016, due to this deficit in insurance funds.
It appears that IKA has drawn the short straw in regards to this “secret” debt, since the fund’s obligations to other public funds amounts to 11.26 billion euros. IKA is followed by OAEE with a total debt of 1.35 billion euros to other state bodies.

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