Greek government will officially face again its lenders in a new round of negotiations on January 14 when Euro Working Group meeting is scheduled. Its only ‘red line’ would be the protection of the main pensions, while Greek government will propose alternative sources of revenue during the negotiation talks and it will seek a compromise solution in certain main issues such as the reduction of supplementary pensions.

Before presenting the draft on social security reforms to Greece’s lenders, Labour Minister Giorgos Katrougalos will meet today with the leaders of the opposition parties and the President of Hellenic Republic to brief them on the new plan.

The proposal for the social security system that Prime Minister Alexis Tsipras has already includes a list with new revenue sources and studies which show that the social security system is sustainable at least until 2031 without requiring any pension cuts.

However, lenders are hesitant about the equivalents suggested by the Greek government and they still insist on their initial requirements, such as reductions in main and supplementary pensions.

The government’s proposal, which will be submitted tomorrow to the institutions, foresees that the amount of 700 million euro needed to achieve the target in 2016 will be covered by cost cutting and raising social security contribution.