Greece has made progress in tackling its debt crisis but cannot afford to relax the pace of reforms, the International Monetary Fund's (IMF) senior representative in Greece told a banking conference on Tuesday. "Greece is at a critical juncture and has no time to waste, now is not the time to slow down," IMF representative Bob Traa said. "Without further reforms the economy will rebalance through lower incomes." He said the IMF and European Union would continue supporting Greece if it fully implements the programme of austerity it has planned in exchange for international funding. He stressed that the IMF opposed any restructuring of Greece's debt, which totals about 340 billion euros or about 150 percent of GDP. "The fate of the Greek sovereign and the banking system remain closely intertwined. We do not favour a sovereign restructuring scenario," he said.
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