Reuters reported on Tuesday that Greece will need far bigger debt relief that was considered by the Eurozone governments, according to a confidential study by the International Monetary Fund (IMF).

"The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the European Stability Mechanism (ESM)," the IMF said.

A senior IMF official said on Tuesday that the debt relief would give Greece's economy a chance to recover.