“Greece is the only country to have taken drastic action forced to cut pensions by 30 percent between 2009 and 2013 under the terms of its international bailouts”, says Reuters in its publication about the consequences of the crisis in the pensioners of the European South.
Reuters also pointing out that: “Many governments began tweaking their loss-making pension systems a decade ago and retirement ages have risen to reflect increased life expectancy. In Spain, for example, people will retire at 67 in 2027 compared with just over 65 this year.
Also, in many European countries a bigger share of contributions to state-run pensions is now paid by people while they work, rather than through taxes on working populations. Governments say this makes the system financially healthier.
Yet in most cases, the reforms don't take full effect until 2030 or even later. With pensioners forming an important voting bloc, this reflects political resistance to faster change.
The economic crisis has also undermined reforms begun in the 1990s; with so many Europeans unemployed, there are not enough well-paid workers paying into the system to fund it properly”.