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US says need to consider Greek debt restructure

26 June 2015, 15:27 CET
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(WASHINGTON) - US Treasury Secretary Jacob Lew says that Greece's official creditors need to show flexibility and weigh a restructuring of the country's debt.

In an interview Friday with Yahoo News, Lew warned that both sides in the tense Greece bailout talks need to reach a deal soon to avoid shocking the global economy.

"I hope they take this weekend seriously," he said.

"The thing about the conversations around Greece that have been of concern to me is the number of deadlines, the number of times it's gotten right to the edge," he said.

"The risk of an accident goes up the more times you have these rushes to a deadline," he added.

"The European economy and the global economy don't need to have a shock right now."

Lew said Athens will have to "make some very painful adjustments" to merit more bailout support from the European Commission, European Central Bank and International Monetary Fund.

However, he added, the three creditor institutions "are going to have to show flexibility in terms of what the targets are and how they're met."

"And I think there is going to need to be a conversation about some kind of restructuring of some of the debt that Greece has," he added.


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