Greek pension reforms requested by Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) to secure a pending loan of $38.8 billion may be unconstitutional, a Greek court ruled on Nov. 1, further complicating the government’s plan to pass a pending $17.45 billion spending cut and tax hike plan.
In a setback to Greece efforts to seal a deal on an austerity package needed to receive more bailout cash, a Greek court said that increasing the retirement age by two years to 67 and cutting pensions by between 5-10% could be against the constitution. However, Greek lawmakers may disregard the court’s opinion when they vote on the cuts next week.
(Source: FXstreet)
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