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Greek Government Will Not Implement Pension Cuts

The Greek government will abide by the Council of State’s decision regarding the pension cuts of Greek citizens, assured Secretary General of Social Security Giorgos Romanias.
“If the Council of State rules that cuts to basic and supplementary pensions made in August 2012 were unconstitutional, the current coalition will abide by the decision even though this could mean having to find another 1.5 billion euros a year to pay retirees,” Romanias told Mega TV.
The Secretary General of Social Security stressed the government will have no problem with paying pensioners.
Romanias also noted that insured Greeks, who acquired their pension rights by the end of 2012, will not be affected by any changes to the system of early retirement.
He added that the government was looking for ways to spread the fiscal impact over time if the court rules that pensions have to be restored retroactively and not just from the day the verdict is issued. He also estimated that the fiscal cost of such a decision would be 1.5 billion euros.

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