Greek newspaper Efimerida ton Syntakton reports that Greece is entering the Dark Ages as far as pensions are concerned. The committee former Radical Left Coalition (SYRIZA) labor minister George Katrougalos set up is now perusing plans for pension caps no larger than 500-600 euros per month.

The zero deficit clause in the 3rd bailout essentially signals the death of pension funds leaving young retirees and current pensioners in the lurch.

Efimerida ton Syntakton states that the four current pension funds and lump sum benefits will be overturned with new national pensions at poverty levels from 250-400 euros, and 150 euros per month in some cases. The maximum pensions will be limited to 600 euros per month.

Speaking to Praktoreio FM 104.9 radio station, Katrougalos expressed surprise at the reportage that he claims is a “fantasy scenario”. He said that the committee has yet to conclude its examination of the pension system or make any decisions concerning a pension limit at 600 euros per month.

“In Greece, pensioners don’t just take care of themselves but also their unemployed children and grandchildren,” said Katrougalos. “For us, the challenge is to create national reforms to the pension system.”