Lagarde: 'Not over in Greece until fat lady sings' Greece can operate on a sustainable basis, can recover, can get back on its feet, can re-access markets as early as possible," she said. Mr Juncker has clashed publicly with Ms Lagarde over extending Greece's country's agreed debt-to-gross domestic product ratio target. He wants the target of 120pc of Greek debt-to-GDP ratio by 2020 pushed back to 2022. It is now at 170pc. Despite two bailouts involving the EU, the European Central Bank and the IMF as well as a private-sector debt cut, Greece is set to enter its sixth year of recession in 2013, pushing its debt mountain to 190pc of output in 2014. The eurozone slipped back into recession for the second time in just three years in the third quarter, according to data released Thursday, raising fears it would make the resolution of the debt crisis even more difficult. The recession, it is not exactly a surprise. We had actually forecasted there would be a recession in the Eurozone in 2012 and growth will pick up in 2013," Ms Lagarde said Friday. I certainly hope that will be the case in 2013 if policy makers will actually act and do what is necessary and appropriate to recover from the crisis. Ms Lagarde was due to attend an Association of Southeast Asian Nations summit in Cambodia, but she would now be represented at the weekend meeting by IMF deputy managing director Naoyuki Shinohara, IMF spokeswoman Gita Phatt said.