26 Sep 2011

Resistance builds to pension fund loan for French Polynesia's government

5:14 am on 26 September 2011

There is growing opposition in French Polynesia to a government bid to borrow money from the Social Security Fund.

The cash-strapped government wants a 55 million US dollar loan but pensioners say such a deal might put future provisions at risk.

A retirees organisation plans to set up a camp in a Papeete park from tomorrow and collect signatures for a petition to say that the Fund is not a bank.

A demonstration is planned outside the agency at the end of the week.

Another group, led by a deputy mayor of Papeete, has also entered the fray, saying it fears that the government's needs will keep growing.