This evening, CNBC reported:
News HeadlinesGreece will overhaul the state pension system as part of a package of austerity measures to clinch a three-year, multi-billion-euro aid deal, a Greek minister told the FT on Thursday.
Andreas Loverdos, social affairs minister told the Financial Times the measures included dropping the seasonal bonus for pensioners in a bid to slash Greece's bloated budget deficit.
To put things into perspective, the amount of budget savings called for in the Greek agreement would be equivalent to almost $800 billion in savings from the U.S. budget. Prospects for Greece's ability to implement the agreed budget savings still remain uncertain, given expected substantial labor union opposition.