ECONOMY

Greece set to adopt PASOK proposal for national fund to manage hydrocarbon revenues

The government is set to adopt a proposal put forward by PASOK to create a “future generations” fund to manage revenues from any hydrocarbon reserves discovered in Greece’s continental shelf.

Labor Minister Yiannis Vroutsis backed the proposal during a parliamentary committee hearing on Wednesday and said that the fund could be used to protect “future pensioners.”

PASOK leader Evangelos Venizelos suggested that the fund could have 150 billion euros of capital within 25 to 30 years.

It is not yet known what kind of revenues Greece could expect from its hydrocarbon resources. Surveys are being conducted.