Debt crisis: Greece will need a third bail-out Mr Catsambas, who represents Greece at meetings between "troika" officials at the EU, IMF and European Central Bank, added that the previous coalition government under Lucas Papademos estimated that "only 22pc of the commitments under the troika-supported program were implemented" in 2011. "All terms and conditions of IMF loans to all countries are based on rules that are not negotiable," he said, insisting that eurozone governments and ECB should take the strain of filling the rest of the gap. Rescue creditors are demanding that Greece's conservative-led government slashes a further €11.5 bn in budget costs over the next two years - resulting in a new round of wage and pension cuts - if the country is to continue getting vital loans. The austerity measures already imposed as part of this bail-out deal have held back growth, pushing the country into a five-year recession. Government figures released on Thursday revealed that unemployment in Greece had risen further to 23.6pc in the second quarter of 2012 - up from 16.3pc the previous year. Without the loan payment, the government would run out of cash in a matter of weeks and could be forced to leave the euro. Mr Catsambas described this option as "an undesirable eventuality that will set the country back many decades." The IMF insisted on Thursday that Mr Catsambas did not represent the views of the fund. Gerry Rice told reporters that the IMF was "talking about getting the current program back on track."