The Bank of England Governor Mark Carney said on Tuesday that implementing a third Greek bailout programme would require a "Herculean effort" from all sides.

"The statement by the Eurogroup leaders on Monday morning is an attempt to craft a programme that will allow ... a return to sustainable growth. I would observe that what's embedded in that statement requires Herculean efforts of all sides," he said.

"It will be tested, the scale of structural reforms, the scale of fiscal adjustment that is required. The scale of fiscal adjustment and privatisations are significant," he added.