Greece Withdraws Proposal to Increase Pension Cuts - Reports

ATHENS (Sputnik) — The Greek government on Monday submitted a package of measures to the creditors to collect the amount of money set out by creditors to receive billions of euros in needed financial assistance.

The government's proposal concerned the increase of fees in insurance funds to five percent from the additional pension and one percent with the basic one, the Greek ERT Channel reported.

The withdrawal of the package was preceded by consultations of Greek Prime Minister Alexis Tsipras with the Minister of Labour and Social Solidarity Panagiotis (Panos) Skourletis and his deputy on social insurance Dimitris Stratoulis, according to the state broadcaster.

Greece was among the countries which were hard-hit by the aftereffects of the 2008 world economic crisis. The financial hardship resulted in a multibillion debt that Greece accumulated by accepting large loans offered by its three major lenders — the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF).

To date, Greece's overall debt stands at about $350 billion.

Earlier in the day, Eurogroup talks on the Greece debt settlement failed to bring any results. Another round of negotiations is expected on Thursday.