IMF chief says Greek debt needs to be restructured, not forgiven

Berlin:  Greece's debt needs to be restructured, the head of the IMF said on Wednesday, but any debt forgiveness by the country's creditors was not needed for now.

"The amount (of debt) will have to be restructured," Christine Lagarde, the International Monetary Fund's managing director, said in Berlin.

"At the present time no haircut is needed," she said, referring to a financial market term for debt write-offs by creditors, adding she had become "much more confident" on the outlook for resolving the Greek debt crisis.