International Monetary Fund

Euro zone lenders will put together a debt relief deal for Greece that will be credible to markets and involve a rescheduling of loans from the second Greek bailout, said Mario Centeno, chairman of the euro zone finance ministers group.

Greece must commit to implementing reforms in order to shield itself from external risks as it emerges from its third international bailout, the chief economist of the eurozone's rescue fund said in an interview published on Friday.

Time is running very short for an agreement on how to ease the Greek debt, and a fair amount of distance still remains between the International Monetary Fund and Berlin.

A meeting of the so-called Washington Group - representatives of Greece's creditors as well as the governments of Germany, France, Spain and Italy, the biggest eurozone economies - failed to break a deadlock over the Greek debt as the International Monetary Fund and Berlin remain divided on the length of an upfront extension on bailout loans.

The government has drawn up a national growth plan in an effort to deal with the "day after," following the Greek economy's great contraction and the wounds inflicted on many segments of society due to the crisis. For years the Europeans and the International Monetary Fund urged Greek governments, parties and citizens to take ownership of the changes and structural reforms the country needs.

A meeting of the so-called Washington Group - representatives of Greece's creditors as well as the governments of Germany, France, Spain and Italy, the biggest eurozone economies - failed to break a deadlock on Greek debt as the International Monetary Fund (IMF) and Berlin remain divided on the length of upfront extension on bailout loans.

A favorable decision in Thursday's Eurogroup that also satisfies the International Monetary Fund, activating the Greek program, could lead the Greek government to issue new bonds with a maturity period of more than a decade, according to a bond market official.

Germany and the International Monetary Fund are engaged in a last-ditch effort to bridge their differences and end the impasse so that a deal can be reached on the easing of Greece's debt that will allow for the immediate participation of the IMF in the Greek program.

"Time is running out," International Monetary Fund spokesman Gerry Rice warned on Thursday in reference to the agreement required for the easing of Greece's national debt. He stressed that despite the progress in talks, the Europeans' proposals have not yet satisfied the Fund.

Greece on Wednesday presented an alternative proposal to privatize its gas utility DEPA to its international lenders, hoping to reach an agreement later this week, its energy minister said.