Lagarde ready to take part in 'complete' Greek package

International Monetary Fund Director Christine Lagarde said on Friday the Fund could participate in a "complete" package to put the Greek economy back on track, make its debt sustainable and allow it to get its funding from financial markets.

Asked on France's Europe 1 whether the IMF would participate in a third bailout for the country, Lagarde said the Fund wanted to see a "complete" programme for Greece and listed what that should involve.

"This complete package has two legs, a Greek leg that entails an in-depth reform of the Greek economy. That means holding a budgetary position that is sound and gives the country solidity; and the second leg is that of the lenders, which entails supplying finacing and restructuring the debt to ease its burden," she said.

Lagarde also reaffirmed her view that the country needed some form of debt relief, arguing that this did not have to be an outright write-off but could involve measures such as a significant extension of loan maturities, stretching of repayment schedules, and reducing interests charged.

Lagarde also said she considered it "probable" that Greek banks will be able to open as planned on Monday.