International Monetary Fund (IMF) Managing Director Christine Lagarde has said that the latest measures approved by Spain are 'very courageous' and said that 'it needs to be supported'.

Discussing the Eurozone's recovery process in an interview by CBS anchor Scott Pelley, Lagarde acknowledged that she was aware of the difficulty in carrying out bank restructuring along with structural and fiscal reforms.

"I feel very, very bad and very sorry for the people, because I know how hard it is. And I know how difficult it is for people who lose their job, for families who find it difficult to make ends meet.

"But equally, I know that it's necessary. And it's a process through which countries have to go in order to restore their situation and be able to grow again and create jobs again," Lagarde said.

When asked how long the troubles in Europe will go on, Lagarde made it clear that it was a matter of years.

"I think it will take a long time to restore public finances in the Eurozone, because it has been long in the making. It will be relatively long in the fixing, as well," she said.

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