Why pensions need to be cut

Ekathimerini.com, 07/09/2018

Earlier this year it appeared likely that Prime Minister Alexis Tsipras would try to capitalize on a smooth exit from the third bailout program by calling early elections this fall – a year ahead of schedule – before politically painful cuts in pensions take effect in 2019. But the government’s incompetent handling of the tragic fire that killed 98 people at a resort near Athens in July probably ruled out this option, focusing the administration’s attention instead on how to avoid the pension cuts. Senior government officials have stated in recent weeks that the cuts are unnecessary because the primary fiscal target of 3.5 percent of GDP can be achieved without them.

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