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09 Feb, 2012 - Public pensions halt Greek crisis deal
Public pensions halt Greek crisis deal
Earlier on Thursday, the European Commission, the ECB and the IMF have joined discussions of the deal to solve the Greek crisis, after all-night talks failed to break a deadlock over proposals for deep public pension cuts.
The deal is still pending because Greece is still yet to find an extra €325 million of budget cuts to complete a €3 billion austerity package.
According to sources, conservatives leader Antonis Samaras raised objections to cuts in supplementary state pensions, while former premier George Papandreou refused to discuss the alternative of cutting primary pensions. The pensions issue is seen as critical because the elderly have been hit hardest by the deeper-than-expected Euro-area recession.
This therefore continues to highlight the importance of private retirement planning, as companies and Governments no longer afford to provide a sustainable pension fund. Speak to a deVere Pension Expert today to learn more about planning for the retirement that you deserve.
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