The Greek Pension Reform Strategy 2010–2015
In 2010, Greece, under the pressure of an increasing public debt, was forced to resort to the Troika, which is the designation of the triumvirate which comprises the European Commission (EC), the European Central Bank (ECB) and the International Mo...
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/05/26395359/greek-pension-reform-strategy-20102015 http://hdl.handle.net/10986/24408 |
| Summary: | In 2010, Greece, under the pressure of
an increasing public debt, was forced to resort to the
Troika, which is the designation of the triumvirate which
comprises the European Commission (EC), the European Central
Bank (ECB) and the International Monetary Fund (IMF). The
Troika agreed to provide Greece with financial help, on
special terms recorded in a Memorandum of Understanding
(MoU) between the Greek Government and the Troika. One of
the most important reforms that are recorded in the MoU is
the Pension Reform since the Greek Social Security System
had long showed signs of unsustainability and insolvency.
The recession also caused further impoverishment of old-age
people followed by the rest of the population and this
became one of the main reasons that the reforms could not be
fully implemented for fear of further impoverishment of
pensioners and social exclusion in general, as well as
political cost which is always a key factor. This paper aims
to further analyze and present the impact of the reforms on
the Greek Pension System and the people who rely on it,
through an actuarial, statistical analysis and point out the
changes in the main factors mentioned above and how they correlate. |
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