An elderly man smokes a cigar during a rally in Athens, Tuesday, Nov. 20, 2018. Hundreds of pensioners protested demanding a return of funds lost as part of austerity measures. (AP Photo/Thanassis Stavrakis)

Greece: Creditors Approve U-Turn On Pension Cuts

November 21, 2018 - 4:58 am

ATHENS, Greece (AP) — Greece's bailout creditors have approved a request by the country to scrap pension cuts planned in 2019 after the country delivered a strong budget performance.

In a report published Wednesday, the European Commission said the previously agreed cuts were no longer considered necessary for Greece to meet a primary budget surplus of 3.5 percent before debt servicing costs.

The government is due to table a final version of the 2019 budget to parliament later Wednesday after getting the nod from lenders.

Greece ended its third consecutive international bailout in August but has not returned to markets due to turmoil created by the budget standoff in Italy and a financial crisis in Turkey.

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