Greek program won't succeed with tough austerity: Blanchard

"The fiscal consolidation asked of Greece in the next few years, is much smaller than it used to be, but still is more than is right," Blanchard said during a question and answer session at the Cass Business School.

"You need structural reforms and growth or you do things half way (with more austerity), in which case I think the Greek program may not succeed."

(Reporting by Marc Jones and Lisa Barrington)