U.S. Treasury Secretary Jack Lew urges Greece to make more progress on reforms to unlock European debt relief and boost growth in its struggling economy. Kate King reports.
It's unusual to find a country suffocating in debt, be pushed to the sidelines But recent events in Europe have seen Greece's economic woes overshadowed Which is why on Thursday U.S. Treasury Secretary Jack Lew sought to encourage Athens to press ahead with its promised economic reforms (SOUNDBITE) U.S TREASURY SECRETARY JACK LEW SAYING: "Completing the work, continuing to implement privatization, doing the work that is needed to address the non-performing loans would very much strengthen the position that Greece brings." Lew is trying to help broker a deal between Athens, its eurozone partners who are financing its third bailout, and the International Monetary Fund. The IMF has yet to commit to taking part in funding third loan package of up to 86 billion euros (94.8billion dollars) The U.S. is eager to get the deal moving, so that Greece remains stable in a continent that has recently become anything but. (SOUNDBITE) (English) NICK PARSONS, GLOBAL HEAD FX STRATEGY, NAB, SAYING: "Greece has gone away largely because there is a political will to allow it to go away, where as last year it was very much about playing a hardline and suiting the political ambitions of the german government, I think now it is the opposite is the case, it suits them to be a little bit more conciliatory." Greece's next set of targets is due in October - Lew believes there's a number of ways to make the country's 300-billion debt burden more sustainable and is urging all sides to agree on an outcome that produces long-term clarity for investors - no matter how tense the relationship is.