Greece is back on the European agenda as the country rushes to end its third bailout program in August. The Greek finance chief is due to present Friday new measures for the country, once its emergency assistance program ends. The idea is to convince creditors and the markets that the country will continue with reforms even if it's no longer relying on bailout funds. Speaking with CNBC Thursday, Klaus Regling, who oversees the European emergency bailout fund (ESM), said he had seen earlier versions of the Greek plan, but it lacked ambition.

"I think (Greece) should be a bit more ambitious in some areas," Regling said, citing privatizations as an example. Though Greece has a lot of work to do in the next four months, presenting a long-term strategy is seen as being just as important.

"For me it's much more critical we get a long term perspective," Regling told CNBC. "It's indeed important to continue with reforms, not to backslide on what has been achieved so far, which is quite a bit and that includes privatizations … Reform(ing) the public administration, the legal system Building on what has been achieved so far," he said. While European politicians have praised the work that Greece has done since 2015, they are still reluctant in giving the country substantial debt relief. The issue has always been controversial mainly for countries like Germany and the Netherlands. Creditors want solid guarantees that Greece will not deviate from the reform path seen up until now in order to make its debt more sustainable. Greece's public debt ratio is about 180 percent of GDP (gross domestic product). The International Monetary Fund (IMF) still believes that such a ratio is way too big for Greece and will only disburse money to the country once there's a clear plan for the future of this Greek debt.

Pierre Moscovici, European commissioner for economic affairs, told CNBC's Willem Marx Friday that the key to bring the IMF on board is to agree on a mechanism that links the growth rates in Greece to how much interest Athens pays back in that year on its loans.