The retirement age will increase by two years to 65 and may increase further depending on a review of life expectancy numbers every five years. A penalty will be imposed on early retirement to discourage it.

The agreement doesn't call for immediately selling off state-owned enterprises, but that could happen if the country's debt is deemed unsustainable.

Regarding the country's new-found offshore natural gas deposits, the deal says potential revenue must be split between developing the nascent gas industry, paying down the debt and setting aside a portion for future generations.

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