Nicaragua scraps controversial social security reforms

Students clash with riot police during a protest against the government's social security reforms in Managua, Nicaragua.

(CNN)Nicaraguan President Daniel Ortega has revoked a controversial pension reform resolution after several days of violent protests across the country. The reversal was announced Sunday evening during a televised meeting with government officials.

"This resolution that I'm publishing right now, which was just approved by the Social Security Council, has the effect of revoking, meaning, it's canceling," President Ortega said.
    Last week, the government approved the pension reform resolution in an effort to stop the widening deficit in the social security system. The changes increased contributions into the social security system by workers and employers but reduced the pensions of retired workers.
      President Ortega's withdrawal of the resolution comes after negotiations over the weekend with protesters and opponents of the reforms.