Although International Monetary Fund (IMF) Managing Director Christine Lagarde thinks Greece is moving in the right direction, she feels that the Hellenic Republic needs to start delivering on its promises.

While Greece's new coalition government seeks to get its fiscal adjustment programme back on track in the hopes of being able to renegotiate the terms of its bailout with the IMF, European Commission and European Central Bank (ECB), "implementation must happen, more than lip-service," Lagarde stated in an interview with CNBC.

Although noting that she is "quite pleased to see that the Greek authorities are aware of the fact that they have to demonstrate their determination to own, adopt and implement the programme," she appears unwilling to renegotiate the bailout terms, at least for the time being.

It's "way [too] premature to discuss extension [of the payback time for bailout funds] to discuss additional financing," she said.

JM

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