Considerable cuts are coming to 1.4 million pensions from 2019

The adjustment to pensions being considered by the government will inflict cuts ranging from 5 to 620 euros per month for at least 1.4 million pensioners if the reduction of the so-called "personal difference" - the gap between the pension as calculated according to the old method and that using the new calculation system - is imposed on all retirees.

Experts believe such a prospect will be very had to avoid as the country's creditors, and particularly the International Monetary Fund, are refusing to accept a gradual reduction to pension expenditure, asking instead for an immediate cut adding up to 1 percent of gross domestic product within 2019.

Despite assurances granted to government deputies by Finance Minister Euclid Tsakalotos and Labor Minister Effie Achtsioglou this week, the bill Greeks must foot leads to an average pension cut of about 14 percent for more than...