488 South-European Pension Systems: Challenges and Reform Prospect Leandro N. Carrera Marina Angelaki Daniel Carolo Keywords: economic crisis, pensions, Southern Europe Abstract The paper analyzes the challenges faced by Spain, Italy, Portugal and Greece in the context of the current crisis and the impact of the latter on the debate regarding pension reform strategies. Furthermore, it assesses the extent to which enacted or proposed reforms address the longstanding challenges faced by these pension systems. The paper therefore provides an insight in terms of what needs to be done and what is being done to iŵpƌoǀe puďliĐ peŶsioŶ sLJsteŵs peƌfoƌŵaŶĐe aŶd theiƌ loŶg teƌŵ sustaiŶaďility. The cross-comparative analysis shows that while some of the measures are well targeted, significant variation exists across these countries. 1. Introduction The global financial crisis has resulted in one of the most pronounced recessions of the world economy in the post-ǁaƌ eƌa, ǁith pƌofouŶd aŶd lastiŶg effeĐts oŶ Euƌopes Pensions Policy Insitute and London School of Economics, UK Panteion University of Social and Political Science, Athens, Greece University of Lisbon, Portugal