US Treasury Secretary Jack Lew insists Greek debt must be restructured

TAGS: Economy

US Treasury Secretary Jack Lew insisted Thursday that restructuring is the only answer to Greece’s unsustainable debt.

Speaking during an event at the Peterson Institute for International Economics in Washington DC, Lew said that “the only consistent answer to a non-sustainable debt is its restructuring.”

“The more you delay it, the harder it gets for the economy sustaining it,” he reportedly said, adding that it is imperative to “avoid putting ourselves in a situation of a crisis again.” He backed his assertion saying that Greece’s agreement with its international creditors had stipulated that debt restructuring should be on the table.

Earlier on Thursday, IMF chief Christine Lagarde had reiterated the need to restructure the country’s debt while saying that Athens had more work to do on reforms.