Charles Dallara, managing director of the Institute of International Finance (IIF), who represented private sector bondholders in the Greek debt restructuring, told CNBC that it is time for Greece to focus on reforms to get once again on the right track after getting approval for a second bailout.

Yet, Dallara warned that it is not correct to say that the debt crisis had been resolved as European leaders have to do a successful balance between growth and the severe austerity measures launched to cut budget shortfall.

He said it is not just balancing fiscal austerity and economic growth, which is a huge challenge, but balancing regulatory reform versus providing credit to support economic recovery. Right now there's just too much focus on austerity.