All parties need to move on Greece: US Treasury Secretary Lew

Greece and its creditors need to move if they are to reach a deal that will keep the debt-wracked country in the European single currency, US Treasury Secretary Jacob Lew said on Friday. 

PHOTO: REUTERS

MAY 29, 20159:20 PM

[DRESDEN, Germany] Greece and its creditors need to move if they are to reach a deal that will keep the debt-wracked country in the European single currency, US Treasury Secretary Jacob Lew said on Friday.

"All parties need to move," Mr Lew told a briefing after a meeting of Group of Seven finance ministers and central bank chiefs wrapped up in Dresden.

"There needs to be some flexibility on the part of the institutions," namely the European Central Bank, the International Monetary Fund and the European Commission, which are demanding that the Greek government push through economic reforms in return for bailout funds, Mr Lew said.

There was a "broad view" among the meeting participants that "Greece needs to make very tough decisions," the US finance chief continued.

But "one won't happen without the other," he insisted. Washington had "delivered the same message to all participants."

"Everyone agrees that resolving this without crisis would be in interest of everyone and the global economy," he said.

AFP