Greek Finance Minister Euclid Tsakalos claimed that cutting the pensions was the right thing to do, during his speech at Economist conference.

Mr. Tsakalotos said that the government’s choice to cut the pensions was the right thing to do adding that social security system cannot solve all problems, such as as the employment, the tax system, etc.

He also advised the countries of northern Europe to increase investments and salaries which could help northern European countries stressing within a monetary union the transfer of funds, an automatic stabilizer, from the European budget should be allowed.