Greece MPs to vote on canceling further pension cuts

Greece MPs to vote on canceling further pension cuts

Greek lawmakers are debating legislation canceling a major round of pension cuts which were to take effect on January 1. Athens earlier secured the agreement of bailout lenders that the cuts were no longer necessary for a balanced budget. Parliament is to vote on Tuesday on whether to cancel articles in a law passed last year that would impose cuts worth 1 percent of GDP, AP reported. The measures would have seen 1.4 million of Greece’s 2.6 million pensioners face monthly losses of at least 14 percent, according to the European Commission. Greece’s third and final international bailout program ended in August. However, Athens pledged to continue imposing stringent fiscal policies for years in return for lenders’ promise to ease repayment terms on existing loans.