Greek Social Security Funds Take Loans to Meet Obligations

Money LaunderingWhile the third Greek bailout is now law of the land in Greece, the country’s social security funds seem to be struggling to stay afloat.

Greece’s Social Security Institute (IKA) had made a request for a 180-million-euro loan to the Generational Solidarity Insurance Fund (AKAGE).

In August, IKA received a 110-million-euro loan. 70 million will be used by IKA’s Social Security Department while the other 40 million by IKA’s Municipal Insurance Fund.

AKAGE has also already provided the Unified Fund for the Self-Employed (ETAA) with 20 million euros that will specifically go to the EETA’s notary and legal departments.