Greek races to ax pension cuts days before implementation

European Commissioner for Economic and Financial Affairs Pierre Moscovici, left, speaks with Greek Finance Minister Euclid Tsakalotos during a round t

European Commissioner for Economic and Financial Affairs Pierre Moscovici, left, speaks with Greek Finance Minister Euclid Tsakalotos during a round t

ATHENS, Greece (AP) — Greek lawmakers have agreed to fast-track draft legislation to cancel a major round of pension cuts scheduled to take effect on Jan. 1, after bailout lenders agreed they were no longer needed for the country to balance its budget.

A parliament committee voted Thursday to debate the amendments as emergency legislation, cancelling articles in a law voted last year that would impose cuts worth 1 percent of Greece's gross domestic product.

According to European Commission estimates, the measures would have seen 1.4 million out of Greece's 2.6 million pensioners suffer a monthly loss of at least 14 percent.

Greece emerged from its third successive bailout program in August but has pledged to pursue strict fiscal policies for years in exchange for a promise by lenders to provide better repayment terms.