- The Washington Times - Wednesday, July 8, 2015

Treasury Secretary Jacob Lew urged Greece on Wednesday to restructure its debt and make a deal with its creditors as negotiators in Brussels make a last-ditch effort on a deal before the country runs out of cash and possibly has to give up the euro.

Mr. Lew said that “Greece’s debt is not sustainable” and that a solution will ultimately come down to political will.

“In the next few days what we’ll see is, can the parties come together to build enough trust that Greece will take the actions that it needs to take so that Europe will restructure the debt in a way that is more sustainable?” Mr. Lew said during a discussion at the Brookings Institution Wednesday.

“It’s a mistake for the European economy, for the global economy, to take the risks involved with an uncontrolled crisis in Greece,” he added.

The Treasury Department chief’s remarks came a day after President Obama spoke with Greece Prime Minister Alexis Tsipras about the ongoing crisis. Mr. Obama also had a phone call with German Chancellor Angela Merkel, who has taken a tough line against a bailout.

“We’re going to continue to encourage all sides to participate constructively in those conversations,” White House press secretary Josh Earnest said Tuesday. “It’s necessary for an agreement to be reached.”

Greece officials and leaders of the other EU countries that use the euro face a Sunday deadline to work out a final agreement that would be the third European bailout for Greece in the last five years.

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