Christine Lagarde, head of the IMF, has said this week that the IMF will only support the third Greek bailout on a strings-attached basis, which includes the EU providing significant debt relief for Greece. Greece itself has to be prepared to implement a tough package of economic reform, not least a reform of its pension system, which currently accounts for 10% of GDP. Prime Minister Tsipras has said at Davos that he was committed to reforming the Greek economy, but criticised Europe’s insistence on lowering budget deficits, saying: “We must all understand that, next to balanced budgets, we must also have growth … We need to be more realistic, and show more solidarity too.”