Greece needs pension, product and service market reforms-IMF's Lagarde

WASHINGTON (Reuters) - Greece must reform its pension system because the current one is not sustainable and also liberalise its product and service markets to introduce more competition, International Monetary Fund Managing Director Christine Lagarde said on Thursday.

Greece is negotiating with its international creditors, including the IMF, over a list of reforms that it would need to implement to get more loans as Athens is quickly running out of cash to pay wages and pensions and redeem maturing debt.

"One (reform) is an in-depth reform of the pension system, because the pension system at it stands is not sustainable," Lagarde told a seminar at the spring meetings of the IMF in Washington.

"A second one would touch on the tax system, and the necessary independence of the tax authorities, the efficiency of the tax collections. Clearly the product and service markets need in-depth reforms as well, because a lot of it is turf territories, entrenched vested interests that are protected."

(Reporting by Jan Strupczewski and Anna Yukhananov; Editing by Tim Ahmann)