International Monetary Fund (IMF) Chief Christine Lagarde said on Tuesday that an exit by Greece from the eurozone would be devastating for the country. She cautioned against the restructuring of debt for Greece saying there would be “consequences”. She told the Irish Times on Monday that “a debt is a debt”.

The main opposition Radical Left Coalition (SYRIZA) party has a lead over ruling Conservative New Democracy (ND) government. This has caused financial markets to feel nervous.

Ms. Lagarde was asked by Euronews if SYRIZA leader Alexis Tsipras would get a huge debt write-off when he asks for it. “I think we need to wait until Friday, see what the result of the election would be and then figure out what kind of coalition is put into place and then remind that country that it has made commitments to its European partners, to its creditors.” She said that only very few of the commitments made by Greece have been delivered, adding that more work needs to be done. She pointed to tax collection as an example stating that “hardly any of the benchmarks have been respected” in this sector.

Asked about what is at stake in the Greek elections, Ms. Lagarde said that it’s like any elections. “It’s for the people to decide democratically what they want, what they expect and what the future is for them,” she said.

Speaking to Irish State broadcaster RTE about a possible exit by Greece from the Eurozone, Ms. Lagarde said it would be devastating. “First of all it is not allowed under the rules of the euro area, and secondly I think it would be devastating for Greece,” she said.