BUSINESS

Moscovici points to possible flexibility on pension cuts

TAGS: Economy, Diplomacy

In comments in Athens on Tuesday, European Economic and Monetary Affairs Commissioner Pierre Moscovici hinted at possible flexibility in pension cuts due to come into effect next year.

"Commitments must be honored but they are not rigid," he said on the issue of the reductions slated for January 2019.

Asked whether the measure in question might be reexamined, he remarked that, "fiscal targets must be met but we will continue discussions with Greece as a nation which has returned to normality."

He struck a similar tone as regards creditors' demands for high primary surpluses amid suggestions by the government that surpluses can be used to offer tax relief in 2019.

He said that Greece has shown it is capable of producing large surpluses, adding however that discal targets must be observed but without resorting to austerity. 

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