Imploding Social Security In Greece – 30% Increase In Budget Required

Startling figures have been quoted in Euro2Day. It details how much of their annual budget the different state social security providers have eaten through in the first quarter of 2013 and it does not make pretty reading.

Increased needs in the first quarter had IKA, which already absorbed 34.4% of the annual grant , OGA, which absorbed 30.3%, the NAT has already received 35% OAEE which absorbed 39.2% and TAP OTE that was already 47.7% of the annual grant.

Using these figures it is safe to assume that the social security funds will need a 30% increase in their budget this year to meet their obligations.

Total budget for 2013 is 12.604 billion Euros, using the 30% figure we are looking at an overspend of  3.78 billion Euros.

Given the Greek economy is still in free fall I think it is safe to assume this figure is optimistic as the claims on social security are going to increase.

This is yet another example of how the debt “plan” for Greece is a complete and utter farce and another example of how the Greek government is taking more from the citizens while giving much less in return.

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