Greece Needs to Restore Financial Independence – IMF Chief

The future of the Greek economy depends on structural reforms in the country and financial support of its European partners, International Monetary Fund (IMF) Managing Director Christine Lagarde said Saturday.

BRUSSELS (Sputnik) – The IMF chief said as she arrived in Brussels for an emergency eurogroup meeting on Greece:

"The purpose of what we’re doing all together is to restore the stability of the economy in Greece, to restore its financial independence. And that is what we will continue to do."

This goal requires a balanced approach, she told reporters.

"On the one hand, there has to be structural reforms, deep ones, to change the Greek economy, to make it more productive, more efficient so that it generates growth and jobs. It also requires fiscal consolidation that is conducive to growth. On the other hand, it requires financial support and debt operation on the part of the European partners,” Lagarde said.

Athens and its major international creditors have until Tuesday to agree on financial aid package for Greece before the June 30 deadline of the current bailout program expires.

Earlier on Saturday, the Greek government announced a national referendum on July 5 on the conditions of the debt deal with international creditors.