The representatives of the Institutions met at 11 a.m. with Labor Minister George Katrougalos to discuss  social security reforms.

Their meeting lasted three hours, while Finance Minsiter Euclid Tsakalotos and Economy, Infrastructure, Shipping and Tourism Minister George Stathakis were also present.

It was a tough negotiation, which took place in a a climate of constructive discussion, said sources of Labour Ministry, while the talks will continue tomorrow.

According to information, Greece’s lenders rejected the proposal of the Greek government concerning the increase of contributions by 1.5%. That means that the annual amount of 500 million euros that government expected to save from contributions hike should be ensured by alternative proposals or pension cuts.

“It is a very tough negotiation that will continue tomorrow” stated Labour Minister George Katrougalos after his meeting with the heads of the institutions at Athens Hilton hotel.

Katrougalos noted that “the meeting was held in a climate of constructive discussion” adding that “the issues are the already known issues that are always set by the institutions. I believe that this tough negotiation will continue and that the final outcome will be in the country’s interest”.