Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has warned that quick action must be taken to save the Euro.
In an interview with CNN's Christian Ammanpour, Lagarde was asked if she agreed with the forecasts of financial tycoon George Soros who said that Europe has three months to save the European single currency.
Lagarde took some time to answer, then affirmed that if further interventions became necessary, they should be taken "in under three months".
After another short pause, the IMF Chief however rushed to clarify her comments: "I'm not fixing a set term (by which) the whole situation has to be settled...The construction of the eurozone has taken time," Lagarde said. "And it's a work in construction at the moment. It must be improved, modified and reinforced in the course of time. Markets think that it is happening too slowly and this is the message that was obviously conveyed".
Lagarde, however, declined to offer her opinion on whether Greece would leave the eurozone. "It will be a question of political resolve," she said, but then went on to apologise for recent comments she had made about tax evasion in the southern European country, which had caused considerable discontent there.
"At the same time, however," she added "I believe that ensuring that everyone meets their tax obligations is a necessary instrument in getting any country back on its feet, Greece amongst others".