ECONOMY

Schaeuble suggests leniency on pension cuts

schaeuble-suggests-leniency-on-pension-cuts

German Finance Minister Wolfgang Schaeuble said there is leeway for Greece to meet the terms of its bailout review if Prime Minister Alexis Tsipras’s government can’t pass more cuts in retirement benefits.

As Greece struggles to deal with an influx of refugees and fulfill demands to stabilize its debt, Schaeuble suggested that the overseers of Greece’s third aid program take into account the opposition to pension reductions sought by the International Monetary Fund.

“It is likely that there will be no majority” in Greece’s Parliament for further cuts in pensions, Schaeuble said at an event with French Minister Michel Sapin in Berlin on Monday. “To that extent, one is looking for a way to fulfill in principle what was agreed on in the summer.”

[Bloomberg]