International Monetary Fund (IMF) Managing Director Christine Lagarde said in an interview with French radio station Europe1 on Friday that the IMF will participate in the third Greek bailout programme it includes debt restructuring and government reforms.

"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 financing and restructuring the debt to ease its burden," she said.

She added that Greece needs a debt relief that could be a significant extension of loan maturities, stretching of repayment schedules, and reducing interests charged.