IMF, euro zone say need more time to reach Greek debt relief deal

The International Monetary Fund and euro zone government lenders need more time to reach an agreement on debt relief for Greece because the euro zone is still not sufficiently clear in its intentions, IMF chief Christine Lagarde said on Friday.

Top euro zone officials and Lagarde met on Friday morning to discuss debt relief for Athens which euro zone finance ministers, or the Eurogroup, promised in May 2016, but under strict conditions.

German Finance Ministers Wolfgang Schaeuble, also at the meeting of the Group of Seven advanced economies in Bari, asked if he would be prepared to ease the conditions for debt relief, said:

"We are prepared to stick to what we have agreed in May 2016. That is the basis on which we are working ... I am still in favor of getting a solution, at least a political solution, in the Euro group on the 22nd of May."