Greek Employment and Social Protection Minister Vassilis Magginas on Friday urgently called for social security funds to submit, the soonest possible, their annual reports and financial results of 2006 along with a detailed report of their real estate assets.

The Greek minister, in an urgent letter sent to the boards of social security agencies and funds, called for all agencies to submit their annual reports and financial results of previous years by May 25 at the latest and warned that the Economy and Finance Ministry could decide to cut all state subsidies to any agency that failed to timely report their results.

Magginas also annulled a tender to hire an auditor company as a investments advisor of social security funds on structured bonds issued by the Greek state and banks, after only one company expressed interest in the tender. The Greek minister said a new tender would be held under the same terms soon.

Magginas, who was the ruling New Democracy parliamentary spokesman, took the position of the Minister of Employment and Social Protection late April. His predecessor, Savvas Tsitouridis was accused by the media and political opposition of failing to properly monitor state pension fund investments and quit from the cabinet.

Source: Xinhua