"The pre-legislated pension cuts will not be applied as of January 1, while the package of positive measures will be higher than the 765 million euros listed in the draft budget," a senior government official said on Tuesday.

"Potential changes to pensions, or to other reforms, could spark confrontations with European institutions and the International Monetary Fund (IMF),"notes CNBC in an article.

In the end, calmer - and rather enlightened - voices within the government prevailed, as it seems thatat the last moment 'the view prevailed that in the present phase a conflict with the Europeans on pensions would be pointless since it would amount to a crash against a wall.