Greece needs to reform its pension system, FinMin says

   The pension system is a time bomb ready to be exploded unless reforms were made, Greek Economy and Finance Minister George Alogoskoufis said on Friday.

    Addressing a seminar organised by the non-governmental organisation "Citizens for the Future", Alogoskoufis said that in 10, 15 or 20 years from now "no one knows right now, there will be a problem unless we take the iniatives needed to defuse this time bomb and to transform the pension system into an opportunity for the country".

    The Greek minister noted that a dialogue over the pension system should proceed this year and referred to the three pylons of the government's economic policy, tax reform, a new investment law on growth and regional convergence, and joint ventures between public and private sectors.

    Alogoskoufis said the government was promoting a series of legislative initiatives aimed to improve economic performance and solve past problems.

    These initiatives are:

    -setting up an agency of fiscal auditors to ensure public spending and better management of existing funds,

    -making a better use of public sector's real estate assets,

    -reforming a law on Community Support Framework and promoting a National Support Framework and,

    -supporting the role of a National Council of Exports.

    Alogoskoufis said the government was poised to proceed with its reform programme this year and stressed that the public sector was gradually limiting its participation in the country's economy.