Greece
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security funds

The Establishment of the Social Security Institution in Greece

The Social Security Institution (IKA) was established by law in June 8, 1932 as a socio-economic necessity at a time when Greek society was oscillating by an unstable political situation and the aftermath of hundreds of thousands of refugees...

One in Two Greeks Unable to Pay Taxes Due

Greek taxpayers are drowning in debt as half of them are unable to meet their tax obligations, according to an Imerisia newspaper report. Higher taxes along with wage and pension cuts and raises in prices of goods have left Greek...

Greek State Dodges Payments to Suppliers

The Greek State has only paid 47.2 million euros in the first two months of 2017 out of the 3.8 billion it owes to suppliers and service providers, according to General Accounting Office figures. On January 1st, State debts to...

BoG Chief: Greece's Pension System Is Bankrupt, Reforms Necessary

Greece's current pension system is bankrupt and in need of reforms, such as raising the age of retirement to 70, said Bank of Greece Governor Yiannis Stournaras on Thursday. Speaking during an Economist conference on private insurance, Stournaras said that,...

Gap in Talks Between Greece and Creditors Remains

The teleconference between Greece and creditors on Friday ended with the two sides disagreeing on all major issues, with Finance Minister Euclid Tsakalotos planning to pursue political negotiations at Monday's Eurogroup in Brussels. The two sides, once again, failed to...

Greece's Demographic Problem Affects Pension System

The demographic problem in Greece and the serious consequences it has on security funds was a subject discussed at the 2nd Delphi Economic Forum. Demographics Professor at the University of Thessaly Vyron Kotzamanis, presented research of the diaNEOsis institution on...

Greece's Major Security Funds About to Go Bust

Greece's two major security funds, OAEE and IKA, face tremendous shortages two months before the end of the year. The Professional Freelancers Security Organization (OAEE) is about to go bust. OAEE received 835 million euros in credit from the state...

Debts to Greek Security Funds Reach €33.6 Billion

The total debt to all Greek security funds reached 33.62 billion euros at the end of 2015, according to a Naftemporiki newspaper report. About 90% of the total debt from security fund contributions, or 30 billion euros approximately, are debts...

'Those Who Cannot Pay Security Contributions Can Move to Bulgaria,' Says Security Fund President

"Those who cannot afford to pay their security fund contributions, they can take their families and move to Bulgaria," said the President of Freelance Professionals Security Organization (OAEE), Dimitris Tsakiris. The provocative statement of the OAEE chief was made during...

Greece's Social Security Foundation (IKA) Seeks Help to Pay Pensions

Greece's Social Security Foundation (IKA) on Thursday is expected to seek approval for additional funding in order to pay pensions. The fund's reserves show a growing deficit, despite the fact that its revenues show an upward turn in the summer...