The Greek cabinet approved on Friday a pension reform to overhaul the country's ailing social security system, which is strongly opposed by trades unions, a government source told AFP. 'We want a viable pensions system, which was not the case before,' Prime Minister George Papandreou earlier told ministers. Greek Labour Minister Andreas Loverdos is expected to present the details of the reform - which raises the full retirement age to 65 and cuts pensions - at a press conference later in the day. Greece is under pressure from the European Union and the International Monetary Fund to streamline its finances after receiving an unprecedented 110-billion-euro (S$188.4 billion) loan that saved it from default.
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