IMF chief calls Greek debt serious

The head of the International Monetary Fund has called the debt crisis in Greece serious, saying it would require a joint effort between Athens and the EU, to solve the problem.

Dominique Strauss-Kahn, the IMF managing director, said "There's no way, no silver bullets to solve it in an easy manner. So we will have all together; the Europeans, the Greeks, the Greek authorities I mean, but also the Greek people and all of part of the society, the unions, the business union, everybody and the IMF to find together the best way to put Greece back on track."

The IMF said that negotiations for a support package are just beginning and will take time. It also added that it is not considering a restructuring of Greece's debt, that will force debt holders to accept a lesser value for their loans.

Markets slammed Greece on Thursday after the European Union revised the country's deficit and debt figures. Ratings agency Moody's Investor Services also downgraded its rating on Greece's debt, warning that further downgrades are possible. Greece has insisted that it prefers to access money via markets to meet its borrowing requirements, instead of resorting to a joint EU-IMF rescue package.

The head of the International Monetary Fund has called the debt crisis in Greece serious, saying it would  require a joint effort between Athens and the EU, to  solve the problem.