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Athens News Agency: News in English, 07-04-15
CONTENTS
[01] FinMin cites 'weaknesses' in funds' management
[01] FinMin cites 'weaknesses' in funds' management
Economy and Finance and Minister George Alogoskoufis reiterated on
Sunday that all of the government's top officials have carried out
their political duties impeccably, deflecting criticism over the
controversial bond purchase by a state-controlled pension fund.
Alogoskoufis, whose interview was published in the Sunday edition of
the Athens daily "Kathimerini", nevertheless conceded that "there is
some type of issue at certain pension funds", while he added the courts
will decide where personal responsibility lies.
He also cited what he called "institutional weaknesses" in the system
for managing the funds' assets and an "institutional problem" in the
way the boards of such primary and supplementary funds are selected,
since it is not anticipated board members should necessarily "know
about complex financial products and investments."
This weakness of administrations also emerged in the case of the
purchase of structured bonds, Alogoskoufis said, because, as he
explains, "these investments also have risks."
However, the minister defends the institution of structured bonds
which, as he says, "secure good performances with small risks," while
urging social insurance funds to continue to invest in ordinary or
structured bonds of the public sector because "it is a very good form
of investments."
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