ND’s plan puts a bomb at social security system’s foundations, Tzanakopoulos says

“New Democracy’s plan puts a bomb at the foundations of the public social security system,” State Minister Dimitris Tzanakopoulos said late on Monday in an interview with public broadcaster ERT.

“If there are unfavourable credit events, social security companies will collapse, so the state will have to guarantee the pensions otherwise the people’s money will be lost,” Tzanakopoulos.

Tzanakopoulos explained that New Democracy’s proposal is extremely dangerous as it cuts the flow of money from the new employees to the public pension system, depriving it of money to pay current pensioners.