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"The money available in the Organization for employment are running out on Wednesday and from Thursday there will be no money with which to pay unemployment benefits," said Employment Minister Andreas Loverdos. In an interview for journalist Nikos Hadzinikolaos the Minister explained that the Organization tills are empty, while the National Social Security Institute owes it €6 billion, another €300 million are intended for it, but have not been paid by the European funds and another €360 million are due from Olympic Airlines. 
  
    Andreas Loverdos also explained that another €4 billion have been cut from the state budget. "I showed to all - the parliament and the envoys of the European Commission - on how I will cut expenses accounting for €2 billion. The remaining €2 billion, I cannot find anywhere," admitted the social minister. 

    His lamentations provoked a huge response among the affected ones. In various media appearances the current Director of the Organization for Employment Ilias Kikilias and its former director Giorgios Vernadakis agreed that the financial situation of the organization is tragic, but categorically denied the threat of not paying off unemployment benefits. 

    Experts comment on Andreas Loverdos’ statement as reaction in a moment of panic. The state of state insurance funds is as if it is 24 hours before bankruptcy. Solving the problems has been postponed for decades, and thus they deepen and are at the brink of outbreak. Only very brave and decisive action can prevent the collapse at the last minute. Today we talk about unemployment benefits, tomorrow about pensions, and the day after tomorrow about health insurance. ”The Ministry of Employment has been losing time for three months and it has no idea to where to lead the insurance system, when a reform is vital for its survival, because without it the social security system in Greece will go bankrupt,” conclude experts.