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Hurray!!! Greeks will get an ‘Oljefondet’!

One may rightly ask “What is Oljefondet?” No, it”s not Oil Fondue! Oljefondet or Oil Fund is the Norwegian Petroleum Pension Fund, the largest pension fund in Europe and the fourth largest in the world with assets exceeding 400 billion euros. The Oljefondet is a fund into which the surplus wealth produced by the Norwegian petroleum income is deposited. 

What does Greece have to do with it? Well… in fact … ehm… OK, I say it now! The Greek Government has decided to allocate the funds collected from exploitation of hydrocarbons – oil and gas – in Greece’s regions to a fund to support pensions and health insurance.

“I think the Norwegian example, where wisdomly and responsibily the money collected by the State did not go for spending but it was invested worldwide in healthy and morally sound investment initiatives, as well as in government bonds of developed countries. This is an example we should follow, “Deputy Minister of Environment, Energy and Climate Change, John Maniatis told Athens News Agency. (news247.gr)

What if research for oil and gas reserves offshore the Greek regions has not even started yet? It’s so reassuring and comforting to know we are ruled by people with visions. Even if they materialize when we are dead and gone… However taking into consideration the empty social security and pension funds due also to the current galloping unemployment, at least, our children may get some oily peanuts from the Greek Oil Fund, so in … 35, 40, 50 years. Unless, the future money of the future natural resources will be invested in the Lehman Brothers of the future, as the Norwegian Oljefondet did.

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