Spanish prime minister Jose Luis Rodriguez Zapatero said his country must overhaul its pension system, including raising the retirement age and changing the way payments are calculated.
In his annual state-of-the-nation address, Zapatero (pictured) said he wanted to raise the retirement age from 65 to 67 and would consider increasing the number of years of contributions used to calculate pensions, which could lead to lower average payouts.
Any changes must go through a cross-party parliamentary commission and Zapatero said he wanted to seek "consensus" on the move.
"We can't close our eyes; we have to adapt our pension system to demographic changes," Zapatero said. "We want to clear up as soon as possible the uncertainties about the sustainability of the system" and "strengthen the credibility of our public finances.
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