How Greek pensions bankrupted Greece

There are several factors in the bankruptcy of . Their accounts were fraudulent.  People didn’t pay taxes. Corruption. But bigger than all of that was their pensions.

The Greek pension system shows what happens when you get a culture of entitlement, and a belief that the Government should fully fund your retirement, rather than you.

Here’s some facts about the previous Greek pension system:

  • The average Greek pension equates to 95% of your final salary, compared to an average 40% for Europe
  • Employees could retire and get the pension at age 55 if their occupation was deemed arduous.
  • Hairdressing was deemed an arduous profession
  • Greece has the highest number of 110 year olds in the world, as families would keep claiming pensions of dead relatives

Some other facts about Greece public spending:

  • Greece has four times the numbers of teachers than Finland yet Finland ranks at the top of the education tables with the Greeks are at the bottom.
  • Greek teachers are better paid than Finnish teachers
  • Over 25% of Greeks in employment are government employees
  • The average wage for train workers is €66k
  • The Institute for the conservation of the Kopias Lake employed 1763 people, and the lake that has been drained since 1930
  • Redundant workers have to get paid at least two years salary
  • By 2060 it is projected that 86% of the population will be dependent on the state

So when people blame what has happened in Greece on Germany or the IMF or austerity, well …..

Basically this is a result of extreme left policies of making more and more people dependent on the state, and not enough people to fund it.

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