One day after Greece became the first developed economy to default on a loan with the International Monetary Fund, the head of the international lender on Wednesday suggested Greece should move to reform its economy before its European creditors give it a break on its debt.

In an interview with Reuters, IMF Managing Director Christine Lagarde avoided any pointed criticism of Greek Prime Minister Alexis Tsipras but still hinted at frustrations as she noted that Greece"s economy had been on the road to recovery before the current left-wing Syriza party came to power.

The head of the Council of Europe, Europe’s top human rights institution, says Greece’s referendum would fall short of international standards if held as planned on Sunday.

Council of Europe Secretary General Thorbjorn Jagland stated  that international standards recommend that a referendum be held with at least two weeks’ notice to allow sufficient time for discussion, with a clear question put to the people and with international observers monitoring the vote.