Critically important to make every effort for Greece debt relief – White House statement

FXStreet (Mumbai) – US President Barack Obama and German Chancellor Angela Merkel spoke about the developments in a telephone conversation on Sunday and agreed that all sides needed to find way to enable Greece to resume the reform path without leaving the euro area.

Obama and Merkel “agreed that it was critically important to make every effort to return to a path that will allow Greece to resume reforms and growth within the euro zone,” the White House statement said, adding that their teams of economic advisors were monitoring the rapidly changing situation.

In addition, US Treasury secretary Jack Lew spoke with the leaders from the International Monetary Fund (IMF), Germany and France on Saturday, urging them to find a way to keep Greece in the single currency area. He also suggested that the issue of Greek debt relief must be discussed, as the IMF had also called for.

The US Treasury press release stated, “Secretary Lew … noted that it is important for all parties to continue to work to reach a solution, including a discussion of potential debt relief for Greece, in the run up to the July 5th referendum announced by Prime Minister Tsipras.”

Lew “underscored the need for Greece to adopt difficult measures to reach a pragmatic compromise with its creditors. He also noted the importance of taking necessary steps to maintain financial stability in the run up to the referendum.”

US President Barack Obama and German Chancellor Angela Merkel spoke about the developments in a telephone conversation on Sunday and agreed that all sides needed to find way to enable Greece to resume the reform path without leaving the euro area.

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