Lagarde: We were not wrong with the restructuring of the Greek debt

"The restructuring of the Greek debt could have been carried out earlier, but then the risk for the Eurozone would have been huge," IMF director Christine Lagarde said among other things in an interview on CNN defending the decisions of the Troika for the Greek bailout program.

Replying to a question on the assumption that the IMF had delayed the restructuring decision, one that had dire consequences for the Greek economy, she said "if we had proposed to restructure Greece's debt earlier, there would have been no protection and there was a clear risk of transmission of the crisis in other Eurozone countries."

"The question was when to cut the hand in order to stop the infection from spreading, and saving the whole system from collapsing,” Lagarde added.