Velculescu: Greece needs a significant reduction of its external debt

The IMF mission chief for Greece, Delia Velculescu, on Monday said additional reforms in the Greeek social security and pension system are required in order to achieve a primary surplus.

According to a Bloomberg dispatch from New York City, Velculescu argued that initiatives taken so far on the Greek debt issue were not enough to restore its sustainability, adding that the weak fiscal position of Greece is a challenge for economic policy.

Speaking at a speaking at an investment conference, she also argued that the focus should be on reforms that improve competitiveness.