From the article:
“We wonder how the increasingly disenfranchised Greeks will react when they find their savings (whatever there is left) are now being directly plundered to fund the nation’s transfer payments (via The IMF) to Ukraine.”
– Greece Passes Law To Plunder Pension Funds (ZeroHedge, March 12, 2015):
Having previously hinted that they might ‘dip’ into public pensions funds for some short-term cash to payback The IMF, and then confirming that the plan is to repo that cash from pension cash reserves (raising concerns about how they will unwind the repo – i.e. pay it back); the Greek government finally signed the bill today that enables them to plunder the Greek people’s pension funds (for their own good).The massive irony of this bill is the bill enables greek deposits to be fully invested in Greek sovereign bonds… which Tsipras and Varoufakis both admitted today is “unsustainable” and “will never be repaid.”
- *GREEK GOVT SUBMITS BILL, ALLOWING USE OF PENSION FUND RESERVES
As Bloomberg reports,
Cash reserves of pension funds and other public entities kept in Bank of Greece deposit accounts can be fully invested in Greek sovereign notes, according to amendment to be submitted in parliament, country’s finance ministry says in e-mailed statement.
Cash reserves can be used for repos, reverse repos, buy and sell-back, sell and buy-back transactions
Pension funds, public entities will be able to claim damages from Greek state in case of overdue repayment, partial repayment
Pension funds are not obliged to transfer their reserves to the Bank of Greece, according to finance ministry statement
* * *
We wonder how the increasingly disenfranchised Greeks will react when they find their savings (whatever there is left) are now being directly plundered to fund the nation’s transfer payments (via The IMF) to Ukraine.
* * *
* * *
Greece remains second only to Ukraine for default risk….
– Greece Folds (AGAIN); Ready To Propose “New” Reforms Immediately
– Greece Said To Tap Social Security Capital To Fund T-Bill Rollover
– AND NOW: Greek Government Considers “BORROWING” From Pension Funds To Repay IMF
– The Reason Why The Eurogroup Rushed To Approve The Greek Reform Package? (You can’t make this stuff up!)
– Troika ‘Happy’ With Revised List Of Greek Reform Promises: Full Varoufakis Letter
– Greek Infighting Begins After Historic Syriza Member Slams Agreement, Apologizes For “Contributing To Illusion” Of Change
– What Ordinary Greeks Think Of Friday’s Deal: “We Went Through Two Months Of Agony To Realize We Are Still A Debt Colony”
– Greece’s Syriza Capitulates To The EU
– How Greece Folded To Germany: The Complete Breakdown
– Full Eurogroup Statement On Greece – Bottom Line: Greece Caves On Pretty Much Everything
– George Soros “Trojan Horse” Inside The New Greek Government?
‘Change’ has finally arrived in Greece …
8 thoughts on “Greece Passes Law To Plunder Pension Funds”
I wonder how many of the pension funds still have money to steal? It seems their new government is just as corrupt as the old one………Here in the USA, it is an open secret that most public pension funds have already been plundered…….
About a year ago, I looked at the funds for Social Security. It showed $4.7 Trillion…all in US treasuries. Most credible managers of large funds usually put the eggs in more than one basket……….when the US treasuries collapse, so goes SS, it has already been plundered.
The same here in CA for most state and country employees……all have been plundered, but they call it borrowing. Where I live, a bill was passed enforcing the honest display of real and borrowed funds for public workers. So, they published the truth, then buried the story.
I doubt if it will be any different with Greece…….
Where’ve you been?
I’ve been worried about you.
What a mess…
If the American middle class could see the billions of their taxes being poured into this bottomless pit of incompetence & corruption which results in no more than a 72% overall success target achievement they would surely cry.
I don’t think we’re in Kansas anymore Toto…..
This is a beautiful coincidence, a mock helicopter accident used to cover up US casualties of the Ukraine conflict.
Been in hospital, running out of time on my end, thanks for your concern. Hope I have a bit more, time is the one thing we cannot purchase more of…….we all have a finite stretch. Remind me of what a smart Philosopher said on the subject:
“The moving finger writes; and, having writ, moves on:
Nor all thy piety nor wit
shall lure it back to cancel half a line.
Nor all your tears wash out a word of it.”
Thanks for asking.
The irony is, it was a Persian Philosopher called Omar Khayyam. I vaguely remember from my History days at school, it seems his mathematical contributions have stood the test of time…..