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Athens News Agency: News in English, 12-02-14

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Gov't, 'troika' agree on decreases in auxiliary pensions
  • [02] Successful 1.3-bln-euro 3-mo. T-bill auction

  • [01] Gov't, 'troika' agree on decreases in auxiliary pensions

    AMNA / The Greek government appeared ready to proceed with cuts to supplementary pensions and certain sectors' primary pensions, following a meeting in Athens on Tuesday afternoon between a relevant labour ministry secretary general and a delegation representing the EC-ECB-IMF 'troika'.

    The meeting reportedly focused on measures to save roughly 300 million euros, as part of permanent measures, via cuts in the social security system, a demand repeatedly tabled over the recent period by the country's European and international creditors.

    According to reports, the two sides reached an agreement for 7 percent cuts in the primary social security payments allocated by the seamen's fund (NAT), and a 20 percent "haircut" in "higher-end" pensions paid out by so-called special funds, namely, the power company (PPC) employees' auxiliary pension, the fund for the telephony (OTE) utility's workforce and bank employees.

    The 20 percent figure is ostensibly aimed at pensions of more than 1,200 to 1,300 euros will be decreased, reports state, with savings in this category estimated at 100 million euros a year.

    The remaining 200 million euros need to be found solely from decreases in supplementary pensions, a prospect that generated disagreements by the parties that back or backed the interim Papademos government up until last week.

    The reductions will be 15 percent on average, although the ceiling has not been finalised as yet, namely, if reductions will be slapped on auxiliary pensions greater than 150, 200 or 300 euros. amna

    The troika representatives reportedly requested and received relevant figures on the number of pension fund beneficiaries and the monthly payments they receive.

    According to ministry officials, the measures will be agreed to by noon on Wednesday at the latest. amna

    [02] Successful 1.3-bln-euro 3-mo. T-bill auction

    AMNA / Greece on Tuesday successfully auctioned a three-month Treasury bills issue, raising 1.3 billion euros from the market at a lower interest rate of 4.61 pct.

    The Public Debt Management Organization, in an announcement, said the issue was 2.7 times oversubscribed, with bids submitted totaling 2.7 billion euros. The auction was made through the marketís primary dealers with settlement date Friday, Feb. 17, 2012. The organization will accept non-competitive bids up to 30 pct of the asked sum by Thursday, Feb. 16. AMNA

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