The International Monetary Funds' new chief, Christine Legarde, said on Monday in her first meeting with news agencies, Greece had taken serious steps to cut its budget deficit but those steps are not enough, where she explained that the IMF and EU are not ready to discuss any new aid packages until Greece take further steps towards solving their debt-crisis.

Legarde said Greece has done a lot of work to reduce deficits and achieve fiscal consolidation in the range of five percentage points of GDP; this is a significant achievement, yet added We all know this is not sufficient, that more work needs to be done.

The chief also added that a Greek solution can be presented as work in progress; it just needs to be worked out within Greece, and with the IMF, EU and ECB. Lagard's comments were very downbeat on the market as she said nothing should be taken for granted and that further worsened the outlook for debt-laden Greece and seemingly heading closer to a wide default!