Suspending Greek Pension Cuts Now Being Discussed By European Officials

Date: 04.10.2018 / / Comments (0)
Greeks will have to wait a couple of months to see if their proposition to drop pension cuts will pass from the European Commission. Photo: EPA via AAP/Simela Pantzartzi.

The chance of pensioners in Greece facing yet another cut to their monthly wages appears to be lessening amid reports leaders of the Eurozone are opening up to the possibility of removing the clause from the agreed measures for the economy’s reform.

Even though the matter wasn’t touched upon at their recent meeting in Luxembourg, statements made by the participating member country leaders allow for a certain level of optimism with regards to the matter. The leaders appeared to side with the statement made by the coalition government in Greece that should the economy reach its target surplus (something that it has been exceeding the last couple of years), then such a measure would be unnecessary, and should not be forced upon the people.

Additionally, Greek officials drafted two scenarios for the future of their economy, one with the pension cuts and one without, something that the European leaders pointed out as a move in the right direction.

However, representatives of the International Monetary Fund (IMF) disagree, stressing the cuts are crucial for the viability of the social security sector.

Eurozone president Mario Centeno highlighted the improved state of Greece’s economy, and added that he didn’t believe the cuts to pensions would be a fiscal measure but a structural one, while EU Commissioner Pierre Moscovici said that the request to abolish further pension cuts will be examined in depth.

Whether or not these pension cuts will come to pass will soon be revealed, as the draft budgets for the economies of the EU members must be submitted to the Commission by 15 October. After that, they will be reviewed and the decision on Greece’s attempt to avoid further austerity measures could possibly be announced at the Eurozone meeting on 3 December.

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