Editorial: Urgent decisions for the pensions

The data published by the Sunday edition of To Vima about the long-term crisis in the pension system is shocking and cannot be…

Editorial: Urgent decisions for the pensions | tovima.gr

The data published by the Sunday edition of To Vima about the long-term crisis in the pension system is shocking and cannot be misinterpreted.

Our pension system has long collapsed and maintaining it each year so that it may fulfill its obligations required tens of billions of euros worth of subsidies.

Between 2001 and 2014 the State had to spend the unimaginable sum of 201 billion euros so that a slew of deficient and mostly bankrupt funds could pay out pensions.

The subsidies towards the funds over the last 15 years amount to two thirds of the accumulated public debt and reveal the intensity of the crisis in the pension system.

The responsibilities of the political leaderships at times are both self-evident and significant. Incredible taxes wee imposed and endless loans were taken out in order to protect the vast cycle of early and privileged pensions which the political leaderships gave out without any sense of measure or concern for the future of the pension system and the country as a whole.

At present the weight of social insurance is so great, while the State is so powerless, that there is no other option than radical and painful interventions.

There is no doubt any more that without rising the age of retirement and directly reducing pensions, the Greek pension system will quickly decay.

At present it is necessary to limit expenses where possible to gain valuable time to reconstruct the economy, support employment and contributions and to rebuild trust into our pension system.

Otherwise we must forget about the present pensions system and seek out a new one, based on new principles and inviolable rules.

This time there are no excuses for anyone; above all for the government, which thought that the problem was simple and manageable.

It is time to realize in practice that you may build political careers with words but they may not solve the problems in the life of the people and the country.

The government now has the responsibility and decisions to make.

TO VIMA

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