Greek parliament approves new pension and tax reforms

The Greek Parliament approved a package of pension and tax reforms, hours ahead of a Eurogroup meeting and after three days of demonstrations against the measures.

The new legislative package, agreed on late Sunday, consists of the pension reform and direct and indirect tax reforms, which will allow the government to achieve some 5.4 billion euro spending cuts and to ensure savings to meet a 3.5 percent budget surplus target by 2018.

Prime Minister Alexis Tsipras stressed that the bill aimed for a “sustainable pension system.”

He also promised that “for more than two million pensioners, there will not be a single euro cut in their pension.”

Demonstrations were held in the capital all Sunday. About 10,000 people gathered outside the parliament in Athens. There were scuffles with the police, in which five people were arrested.