The meeting between Greek Labor Minister George Katrougalos and Greece’s lenders from the European Commission (EC), European Central Bank (ECB), International Monetary Fund (IMF) and European Stability Mechanism (ESM) started at 13:00 pm, with about 2 hours delay on Wednesday.

The Greek side will present its plans for the protection of “main pensions”, an issue that the government has drawn up as a red line. The alternative plan to be presented aims to economize 700 mln euros worth of pension funds so as to save retirement packages.

The representatives of the four institutions appear to be opposed to an increase in social security contributions of the reshuffling of contributions for the Unified Healthcare Fund (EOPPY) or the Manpower Employment Organization (OAED) to the benefit of pensions.