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ATHENS, Greece (AP) — Greek lawmakers have voted to cancel a major round of pension cuts which were to take effect on Jan. 1, following a fast-track debate procedure in parliament.

Lawmakers in the 300-seat parliament voted unanimously late Tuesday in favor of canceling the cuts that would have been worth around 1 percent of Greece’s annual GDP.

The measures would have seen 1.4 million of Greece’s 2.6 million pensioners suffer monthly losses of at least 14 percent, according to European Commission estimates.

Greece’s third and final international bailout program ended in August, but the country pledged to continue imposing stringent fiscal policies for years to come in return for lenders’ promise to ease repayment terms on existing loans.

Bailout lenders recently agreed the cuts were no longer necessary for a balanced budget.