Report highlights Greece's demographic time bomb

Greece's demographic time bomb is expected to go off in the next few years, causing turmoil in the economy and, consequently, the social security system that will be burdened to the tune of an estimated 37.3 billion euros by the increase in life expectancy, according to a new study.

Among other findings, the study by Panteion University Professor Savas Robolis and PhD student Vassilis Betsis shows how difficult it will be to achieve high growth rates in Greece in the post-bailout era due to the aging workforce, which will have a negative impact on the social security system.
Based on the findings, the aging population will incur a cost of about 1.3 billion euros annually from 2017 to 2057 or the equivalent reduction in benefits to the insured and pensioners.

According to the two academics, in the coming years Greece will experience a decline in its population, an...