End of bailout means fresh reductions

Millions of salaried workers and pensioners stand to lose at least one monthly payment within two years, in 2019 and 2020. For Greece to boast of a successful - as the government desires - exit from the third bailout program without facing any obstacles by August, the Finance Ministry has ruled out the option of avoiding a reduction to pensions from 2019 and will also be proceeding with demands to reduce the minimum tax threshold as of 2020.

Official confirmation of the program's implementation has put an end to speculation that the government may scrap plans to reduce pensions further, even though several officials repeatedly suggested in the last few weeks that the cuts would not be necessary. At the same time, of course, the cost of the bill footed by millions of low-income workers and pensioners just keeps growing.

On the issue of pension cuts in particular,...