Greek pension fund performance
In Greece, pension benefits are provided by a large number of social insurance funds classified as primary, auxiliary and provident funds. According to the Social Budget issued by the Ministry of Labor and Social Security in 2006, there are 175 funds of which 25 are primary funds and the remaining auxiliary and provident funds. 
In Greece, public pension funds can invest up to 23% into risky assets and are not allowed to invest outside Greece.
Angelidis and Tessaromatis (2009) find that in 2006 the average Greek pension fund held the following portfolio allocation:
- Cash deposits: 59%
- Greek bonds and bond mutual funds: 17%
- Greek equities and mutual funds: 24%
- Mutual funds: 5% 
Angelidis and Tessaromatis (2009) conclude:
"Restricting the weight of equities to 23% of the total portfolio, leads to sub-optimal asset allocation that costs as much as 2% (3%) per annum compared to a balanced domestic (global) benchmark."
- Angelidis, Timotheos and Tessaromatis, Nikolaos, "The Efficiency of Greek Public Pension Fund Portfolios" (April, 24 2009). Available at SSRN.