Lew presses need to achieve Greece debt sustainability

(WASHINGTON) - US Treasury Secretary Jacob Lew urged German and French counterparts Thursday to ensure that the planned third bailout of Greece leaves the country's debt position sustainable.

In meetings with German Finance Minister Wolfgang Schaueble in Berlin and French Finance Minister Michel Sapin in Paris, Lew "reinforced that the agreement between Greece and its creditors is an important step forward which provides a basis for restoring trust among the parties and creates the conditions for a path forward for Greece within the Eurozone," the Treasury said in a statement.

Lew "also underscored the importance of achieving debt sustainability in the upcoming negotiations," which is "in the best interests of Greece, Europe, and the global economy."

Greece's official European Union creditors are under increasing pressure to ease the country's massive debt burden, including granting it a 30-year grace period for payments, to ensure the country has the room to rebuild its finances and restart its economy under a new bailout.

Negotiations on the new rescue plan could begin within days once an interim financing deal for Greece is put in place.