Personal finance

Greece tapped reserves in its holding account at the International Monetary Fund to make a 750 million euro ($839 million) debt payment to the fund on Monday, two government officials told Reuters on Tuesday.

There is a huge problem with financial illiteracy in Bulgaria, renowned economist Prof Steve Hanke has opined.

Hanke, known as the father of Bulgaria's currency board, is taking part in a conference titled "Financial Education for Sustainable Economy" and held on May 11 in Sofia, Bulgaria.

The average primary monthly pension in Greece stands at 664.69 euros before taxes, whereas the average supplementary pension is 168.40 euros a month, the leftist government announced on Monday.

The government’s new non-paper clarifies that it will not be backing down from the “red lines” it has set. This declaration comes just a few hours after the leaks from the Financial team on measures concerning VAT, the 13th bonus pension, and cuts to auxiliary pensions.

By Roula Salourou

The Finance Ministry is locked in a constant battle to make sure that it has the necessary liquidity for the unhindered payment of salaries and pensions, despite any technical or other problems.

By Roula Salourou

Queues were observed at many ATMs in Greece on Tuesday afternoon as pensioners, mostly, apparently tried to see if their April payment was credited to their account.

The images, as shown in the photo, caused the Social Insurance Foundation, Greece’s largest public pension fund, to issue a statement saying payments would be paid on Wednesday.

By Evgenia Tzortzi

Local banks are offering new programs for the settlement of outstanding loan payments, providing for the postponement of debt payment for up to 10 years. The new programs will likely become available to bank clients as early as next month.

Bulgarian Deputy Prime Minister Ivaylo Kalfin proposed the contributions to state social insurance to start increasing from 2017.

The proposal foresees a total increase of 4.5 % over twelve years, with pension contributions increasing with 0.5 % every second year, while unemployment contributions will rise with 0.2 %.

Police in the Cretan port of Iraklio were seeking on Monday a youth who assaulted an elderly man outside a local bank and stole his monthly pension.

According to local reports, the assailant appears to have lain in wait and jumped the 80-year-old as he left the bank, knocking him to the ground and making off with the 860 euros he had just collected.