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Some 150,000 pensioners and 50,000 public sector policy holders who applied for retirement since July 1, 2012, will have to contend a “new shock” reports Eleftherotypia: EFAPAX severance payments, which can be worth several thousand euros, are to be cut by 40 per cent.

The change has been demanded by the ECB-EU-IMF troika of international creditors, which, over the last few days, has set up shop at the general secretariat of Greece’s social security service, with a view to reducing its spending deficit. In 2013, the social security deficit could amount to as much as €200m.