The Parthenon freeze
Did Greece's state pension funds lose their marbles over structured bonds? Life & Pensions tells the exclusive story of the backlash over an investment that went wrong
On 14 November 2006, the Greek public supplementary pension fund, Teapoka, received a letter proposing an unusual investment. The offer, also made to three other Greek pension funds, set off a chain of events culminating in a criminal investigation, as well as a storm of firings and recriminations at the highest reaches of the Greek government and London-based financial institutions.
Teapoka is typical of what the Paris-based Organisation for Economic Co-operation and Development (OECD) has
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