Greeks Set To Scream Bloody Murder As Pension Fund Threatens To Recoup €8 Billion In "Illegally" Paid Out Proceeds

Tyler Durden's picture

Just in case Greece needed one more reason to piss off the angry mob, just waiting to resume its Syntagma square festival, Ekathimerini reports that very soon Greeks will discover that not only are their pension funds about 50% underfunded funded courtesy of the first of many European 'bailouts', but that they will actually have to repay pension proceeds back. Granted, pensions paid out under illegal pretenses, but still, this is money that will have to make its way out of insolvent Greek families that, just like in America, never felt an urge to save, but merely to spend, spend, spend, with hopes of endless crony communism in perpetuity. "Up to eight billion euros have been paid in bogus pensions in the past decade, director of the Social Security Foundation (IKA), Rovertos Spyropoulos said on Monday. Under immense pressure to cut spending and replenish empty state coffers, the Greek government has found out that millions of euros have been paid to deceased claimants. The money is often claimed by fraudulent relatives or, in some cases, it remains idle in banks." What happens when all the other socialist countries in Europe discover the same has been happening there repeatedly and to far greater extents?

Some more:

“We are trying to cut back on waste,” Spyropoulos told Skai television on Monday adding that the cutback has already saved the foundation over 700 million euros.

 

The IKA chief said between seven and eight billion euros have been paid to bogus pensions in the last ten years.

 

We will reclaim all that money up to the last euro,” he said.

And that, as they say, is a word out of place.