German Finance Minister Scholz on EU-Greece pension negotiations

The Greek government is discussing with the European Commission the option of using part of an expected primary surplus to revoke legislated pension cuts, German Finance Minister Olaf Scholz confirmed at a press conference for foreign journalists in Berlin on Monday.

The German minister said the Greek government was moving “in a logical and wise manner”. The Greek government, he said, is negotiating with the Commission on the basis that the pension cuts, legislated to begin on January 1, could be replaced by funds of the primary surplus which it expects will outperform its target.

Scholz confirmed that the two sides are close to reaching an agreement, and praised the Greek government for relying on the process of dialogue to resolve the issue.