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Pensions
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IMF argues case for further reform of pension system
EconomyProgrammeOne of the issues discussed in a recent International Monetary Fund paper deals with the Greek pension system and notes that the most recent reform goes in the right direction since it removes some distortions and reduces the overall pension cost.
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Tsakalotos and Stournaras raise objections to IMF assumptions
EconomyProgrammeThe Article IV consultation report on Greece published by the International Monetary Fund on Tuesday evening included letters by the Greek Finance Minister Euclid Tsakalotos and Bank of Greece governor Yannis Stournaras, which both outlined their disagreement on certain assumptions and comments in IMF’s debt sustainability analysis (DSA) and ex-post evaluation report.
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IMF sees much scope for reform progress, particularly on tax in Article IV report
EconomyProgrammeDespite the significant progress made so far, Greece faces fundamental challenges such as vulnerable public finances, notable tax evasion and ineffective tax administration, impaired bank balances sheets and pervasive structural obstacles to investment and growth, the International Monetary Fund’s Article IV consultation report concludes.
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IMF proposes rebalancing of fiscal policy, reform implementation and debt relief
EconomyProgrammeThe International Monetary Fund’s executive board convened on Monday evening to discuss the Article IV consultation on Greece.
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Athens searching for compromise formula should IMF remain on board
PoliticsGreek PoliticsThe indication that no progress regarding Greece’s review should be expected before the International Monetary Fund’s executive board meets on Monday was strengthened by comments from European officials.
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Pensions main source of finance for half of households as income falls again
SocietyThe inequality fuelled by the Greek crisis expanded even further in 2016, with three-quarters of households reporting that they were worse off quantitatively and qualitatively than before and with just under half of them claiming that they rely on pensions as their main source of income.
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Creation of unified social security fund poses new challenge for govt
PoliticsGreek PoliticsThe war of words between the government and New Democracy over the ongoing review has intensified and will undoubtedly be the main political battleground in the weeks to come.
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After pension dispute with lenders, coalition faces domestic unease
PoliticsGreek PoliticsOpposition parties pressed the government on Tuesday to make public the letter sent by Finance Minister Euclid Tsakalotos to the institutions to smooth over the row that broke out after the government decided to grant pensioners a 617-million-euro Christmas bonus from the excess surplus produced in 2016.
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Athens settles pension handout row, looks for review progress
EconomyProgrammeEurogroup President Jeroen Dijsselbloem concluded on December 24 that “the way has been cleared for the European Stability Mechanism (ESM) to go ahead with the decision-making procedures” for the implementation of short-term debt relief measures after Greek Finance Minister Euclid Tsakalotos sent a letter to the institutions providing assurances regarding primary surplus targets and the distribution of any excess.
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Greece below EU average in social protection, with pensioners getting lion's share
SocietyGreece spends proportionately less of its GDP on social protection than the EU average but gives more of a share of what it spends to pensioners than any other EU country, newly released data from Eurostat shows.