IKA, Greece’s largest state social security fund, went ahead with a short-term borrowing of 240 million euros ($310.7 million) on May 7 in order to be able to pay pensions in June, Athens News Agency reported, without citing anyone.
IKA borrowed the money from its ETEAM auxiliary fund and from the TAP DEH fund for employees of Public Power Corp. SA. (PPC), the state-run agency said today. This is the fifth month running IKA has borrowed money, the agency said.
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