Greece needs further debt relief after third bailout deal in five years, says IMF chief

Christine Lagarde insists burden is unsustainable and warns fund will not participate without 'concrete agreement' on debt relief

Greece needs more significant debt relief from its creditors, the head of the International Monetary Fund said, after the bankrupt country accepted tough conditions to secure its third bailout deal in five years.

The first a26bn of a package worth more than three times that will be disbursed within days after the government in Athens grudgingly approved the agreement at the end of a marathon debate, and Germany backed down on its opposition to rescuing Greece.

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