nottheaverageactuary

Actuarial news and views from Cape Town and beyond

Greek Orthodox Church using property to help ease national debt burden 

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The Greek Orthodox Church is the largest private property owner in Greece. It has amassed a large amount of assets due to special concessions it has being a public benefit organization in the country. It has recently opted to allow some of its assets to be developed and restructured so that the state can receive some of these funds to help pay off its debt. 

Property has been a successful way for the church to hold its funds where it does not feel the volatility pressure of having its assets in equities. This shows how an investor is able to unlock funds at will by keeping wealth in property where the church is still protected due to legislature and by keeping its land rights. 

This also points to the dire situation that Greece faces where the church is now bailing out the state. 

Here is the link to the article:

Greek newspaper article

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