Last Update: 13:18
A Greek court decided that the new pension cuts agreed by Athens and international creditors violated the European Convention of Human Rights.
The new pension cuts are part of the prerequisites of Greece’s bailout program as agreed on May 2. The cuts will be included in the omnibus bill the Greek Parliament is expected to vote on within the next few days.
The legislation of the measure will open the way for the completion of the bailout program evaluation and unlock the next loan tranche for Athens. The Greek government needs the 7-billion-euro tranche in order to service its debts due in July.
However, Greece’s Court of Audit found that the cuts to both supplementary and main pensions agreed by Athens and its lenders violated the convention. They are also contrary to the country’s Constitution.