ECB’s Draghi defends Greek pension reforms

Greece needs to implement its pension reform to ensure it can fully pay pensions in the years to come, the president of the European Central Bank said in a letter published on Friday.

"Full implementation of these reforms will improve the long-term sustainability of the pension system," Mario Draghi said in response to a letter from a member of the European parliament.

"The sustainability of the pension system is crucial from a social fairness perspective, not least because it is necessary to ensure that the Greek state remains able to pay pensions in the longer term," Draghi said.

Greece is set to hold elections on Sunday, with polls showing the leftist Syriza party and its conservative rival neck and neck.

Syriza has promised to implement a bailout deal struck last month but also negotiate open issues such collective pay bargaining and pension reform. It has also pledged to seek debt relief.

[Reuters]