IMF Director Christine Lagarde said the Fund’s board had in principle agreed to approve a “stand by loan” based on specific data. In an interview with Italian newspaper “Il Sole 24 Ore”, Mrs. Lagarde argued that Greece needed a debt restructuring for the country’s economy to become sustainable.

"If our creditors have not yet reached the point of respecting our reports and accepting them, if they need more time, we can take it into account and give it to them," said Christine Lagarde, head of the International Monetary Fund (IMF), in an interview with Handelsblatt.

The primary surpluses that will be decided for the Greek bailout program should be more reasonable because they will determine the size of debt restructuring that will be required to make it sustainable, the head of the International Monetary Fund, Christine Lagarde, said in a press conference in Washington DC on Thursday.