Quote:
Originally Posted by Lchoy
How did it get so bad in Greece, and by extension Portugal and Ireland? Wouldn't the Greek government and the EU finance Ministers pointed out a long time ago that the Greek were living beyond their means and this was unsustainable?
EDIT: The above diagram explains things for me
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Meh, it's not like all this a surprise at all. They've been kicking the can down the road and delaying all this for about two full years now. Economists/analysts have been writing and commenting about it the whole time. Things are just getting more interesting now.
Anyhow, speaking of "entitlements" in Greece, here's one on Italy:
http://business.financialpost.com/20...-italy-report/
This will be no small task in Italy, which has more than 530,000 pensioners who retired under the age of 50 — sometimes with just 14 and a half years of service — according to a report from independent Italian business agency Confartigianato last week.
The large majority of these pensions (78.6%) are paid by INPDAP, the country’s public sector pension administrator, the report said.
The average so-called “baby pensioner” remains retired for 40.7 years, spending 48% of their life retired, Confartigianato said.