12:40 GMT11 July 2020
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    Financial crisis in Greece (191)

    US Secretary of the Treasury Jacob Lew has held a phone conversation with Greek Prime Minister Alexis Tsipras urging Athens to reach an agreement with its lenders as soon as possible in order to enter a path of recovery within the Eurozone.

    ATHENS (Sputnik) – On Saturday, a round of talks on Greece’s bailout ended with no results. The Eurogroup blamed Greece for breaking off talks as Athens announced a July 5 referendum for voters to decide whether to accept the new bailout deal offered by the lenders.

    "He [Lew] noted the importance of all parties continuing to work to reach a solution, including both a commitment to reforms and a discussion of potential debt relief for Greece, in the run up to the July 5th referendum. Secretary Lew also stressed the need for Greece to take necessary steps to maintain financial stability in the run up to the referendum, including by working closely with its international partners," the US Treasury said in a Sunday statement.

    The creditors, which include the European Central Bank (ECB), the International Monetary Fund (IMF) and the European Union, have been engaged in months-long negotiations with Athens, demanding that Greece introduce highly unpopular austerity measures.

    Greece’s current bailout program expires on Tuesday. On the same day, Greece must deliver the next $1.7-billion payment to the IMF. If the sides fail to reach a deal, Greece may default on its debt and exit the eurozone.

    Ahead of the Tuesday deadline Greek banks suspended work for one week, introducing a daily withdrawal limit of 60 Euros ($66) for ATM machines. Tourists will be free of the restrictions, according to the Greek government.

    Financial crisis in Greece (191)


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    International Monetary Fund, bailout, bailout program, referendum, The European Central Bank (ECB), Greece
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