The Greek social security system is in severe trouble. Specifically the social security system for self-employed people.
There is a simple reason why the social security system for self-employed people would collapse.
It is completely tyrannical.
The social security payments are completely and utterly independent of a persons income.
To show the complete brutality of the system.
After three years a self-employed business person has to pay up to 400 Euros a month, even if their income is zero.
A video showing businessmen burning the latest threatening letter from the Greek government which says the Greek government will start seizing their property outside any form of legal process.
Unlike the UK where social security payments are a percentage of income after tax, in Greece it is not.
And this is why the social security system for self-employed people in Greece could be on the verge of complete collapse. People simply do not have the money to pay the exorbitant fees.
To put the demands of the Greek social security system into perspective.
If it were the UK, a 400 Euro a month social security bill would mean a self-employed business owner would have to have an income of 8,000 Euro a month. Let me repeat that.
For the 5% social security tax, as it is in the UK, to be 400 Euros a month, the income after tax of a Greek businessman would have to be 8,000 Euros a month, after tax.
The really shocking thing about the situation is that this system has been in place for so long…..