IMF's Lagarde not sure yet about debt relief for Greece

It is not clear yet whether Greece needs debt relief, according to International Monetary Fund managing director Christine Lagarde.

“I would not pass judgment on whether or not debt relief is or is not needed or what form the European support will take,” she told journalists in a briefing on Tuesday. “I think the jury is out.”

Lagarde said lenders would have a clearer picture of the issue following the fifth review of Greece’s adjustment program, which is due to start in mid-September.

“The first step is to examine the country’s debt sustainability based on the primary surplus which has been identified and to see what we can expect going forward.”