Lagarde: Greece has more work to do on reforms

IMF managing director Christine Lagarde holds a news briefing at the International Monetary Fund headquarters in Washington July 6, 2011. REUTERS/Kevin Lamarque (UNITED STATES - Tags: BUSINESS HEADSHOT IMAGES OF THE DAY)

MF chief Christine Lagarde said on Thursday that Greece has more work to do on reforms, essentially confirming fears that the Washington-based organization is not yet prepared to participate in Greece’s third bailout.

Lagarde made her remarks ahead of the Annual Meetings of the IMF and the World Bank Group in Washington Thursday, signaling dismay with European leaders, for not having agreed to restructure Greece’s debt, and Athens, for doing enough on reforms.

The IMF has already expressed reservations about changes to Greece’s tax system and social security which were passed into law by Parliament before the summer.