Greece’s second biggest social security fund, OAEE, which includes most of Greece’s self-employed professionals in its ranks as obligatory beneficiaries, has submitted a second request for economic aid to the tune of 350 million euros.
Greece’s second biggest social security fund, OAEE, which includes most of Greece’s self-employed professionals in its ranks as obligatory beneficiaries, has submitted a second request for economic aid to the tune of 350 million euros.
Specifically, OAEE requested the money, in the form of a loan, be transferred from a “solidarity fund” (AKAGE), which was set up by the state as a “nest egg” for future social security obligations.
The liquidity-drained fund, which is controlled by the state and whose board is usually selected by the government in power, said it needs the cash infusion to cover monthly pension benefits.
OAEE’s total deficit for 2016 will reportedly reach 650 million euros, increased by more than 250 million from last year.