BUSINESS

Bill canceling pension cuts marked urgent

TAGS: Finance

Greek lawmakers have agreed to fast-track draft legislation to cancel a major round of pension cuts scheduled to take effect on January 1, after bailout lenders agreed they were no longer needed for the country to balance its budget.

A committee in the Greek Parliament voted on Thursday to debate the amendments as emergency legislation, canceling articles in a law voted last year that would impose cuts worth 1 percent of Greece’s gross domestic product.

According to European Commission estimates, the measures would have seen 1.4 million out of Greece’s 2.6 million pensioners suffer a monthly loss of at least 14 percent.

Greece emerged from its third successive bailout program in August but has pledged to pursue strict fiscal policies for years in exchange for a promise by lenders to provide better repayment terms.

[AP]

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