|
|
It remains unclear whether the protection would be the result of the government shielding the nation's provident and pension funds from the haircut on deposits as it wound up Laiki, or whether they would see compensation for any losses incurred.
Anastasiades promised that the government would stand "side by side" with those who would "shoulder the painful consequences" of the country's bailout. "As a first measure", he added, "all pension funds of the affected banks will be safeguarded".
According to its 2011 annual report, Laiki's main pension fund had assets of €21.5 million, down €18 million over the end of 2010. This compared with benefit obligations of €310 million at the end of 2011.
Full article (IPE registration required)