No Cuts in Greek Primary Pensions, Minister Says Ahead of Talks
- Government red line puts it on collision course with creditors
- Katrougalos sees no hope of consensus with main opposition
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Greece’s “absolute red line” in negotiations with its creditors? No further cuts in primary pensions.
Labor and Social Security Minister George Katrougalos says the government’s proposal of raising 600 million euros ($651 million) through increased mandatory contributions is a more palatable option, pitting it against creditors, who say it may hurt growth. The country’s newly-elected leader of the main opposition New Democracy party leader, Kyriakos Mitsotakis has also said he won’t back such an increase, ensuring the government’s slim parliamentary majority will be tested.