The International Monetary Fund says that restructuring sovereign debt in Greece failed because it was “too little and too late”, in a new report released on May 23.

The IMF concludes that the delay and lack of a sufficient response to the crisis led to debt unsustainability and failed to ensure a sustainable return to the markets.

The report findings, which also criticise the role played by EU institutions, “reinforce the idea that Portugal was on an inevitable path to restructuring,” adds the daily.