Big cash spent on pensions

Greece still has a long way to go until its social protection system evolves into an integrated apparatus for Greek citizens, a report by the Organization for Economic Cooperation and Security (OECD) reveals. It shows that out of every 100 euros the state spends, about €62.70 goes to pensioners and just €15.30 is spent on handouts for the active population.

Social expenditure in Greece may be close to the OECD member-states' average level - i.e. 24% of gross domestic product, against the OECD's mean rate of 19.9%, according to 2019 data - but Greece and Italy have the highest rate of spending on pensions, at 15.5% and 15.6% respectively, with this country registering another negative record by also having the lowest rate of social expenditure outside of healthcare, at 0.4% of GDP.

In practice, even after the drastic cuts during the bailout period and the fiscal...