The preliminary draft budget was presented to the Greek Parliament on Monday, and it includes two scenarios: one with pension cuts and one without such cuts. In a press conference, government spokesperson Dimitris Tzanakopoulos stated that the preliminary draft reflects “the current fiscal environment, as well as the Greek government’s intention to proceed to fiscal interventions that will deter pension cuts.”

The first scenario includes the already legislated measures for pension cuts and the implementation of counter-measures, which lead the primary surplus to over 3.5% of GDP. The second scenario provides for the annulment of pension cuts and counter-measures, amounting to 900 million euros for 2019.

The preliminary draft budget also foresees 2.5% growth for 2019 and 2.1% growth for this year. In addition, in 2019 unemployment will drop to 16.7% (from 18.3% this year) and private investments will increase by 11.9%.