‘Black hole’ in the pension system
Clear — yet alarming — were the messages delivered by Bank of Greece Governor Yiannis Stournaras at the 7th Professional Insurance Conference: public pensions will struggle to provide adequate income replacement for future workers. The numbers speak for themselves: as of end-2025, just 27 Professional Insurance Funds (TEA) will serve around 55,000 members. Their combined assets stand at €621 million — up more than 20% from 2024, yet still modest relative to the country’s size. Technical provisions are estimated at roughly €550 million.
Stournaras stressed that the small scale of many funds undermines economies of scale and inflates operational costs. At the same time, worker participation remains low, and a mature insurance culture has yet to take root in Greece. Petra Hielkema, Chair of the European Insurance and Occupational Pensions Authority (EIOPA), echoed this concern, underscoring that building strong institutional investors is a strategic priority across the EU.
Freelancers on edge over new credit scoring system
The newly introduced public credit scoring system has sparked strong concern among freelancers — evident during yesterday’s (18 June 2026) official presentation. Unlike salaried employees, whose income is steady and predictable, self-employed professionals often face cash flow volatility: delayed client payments, seasonal activity, or concentrated tax obligations in a single month can all skew their financial picture.
Many are asking whether the algorithm behind the score can reliably distinguish temporary liquidity shortfalls from chronic payment inconsistency — fearing the system may ultimately penalize real-world economic reality rather than strategic defaulters.
New barriers to financing?
The worry extends beyond state assessment. There’s growing concern that, at a later stage, third parties — such as banks or lenders — could request access to this score (with the individual’s consent), giving it practical weight in lending decisions and commercial transactions.
A freelancer currently repaying debts under a restructuring plan — or one with older arrears — could appear riskier, even if fully compliant today. What the Ministry of National Economy and Finance envisions as a transparency tool may thus evolve into another filter of exclusion — especially for those already under pressure, and particularly for micro and small businesses.
Greece’s competitiveness stagnates
Greece remains fixed at 50th place in the World Competitiveness Yearbook 2026 — unchanged from last year and consistent since 2022, with only minor fluctuations over the five-year period.