U.S. Treasury Secretary Jacob Lew warned Greece Wednesday to quickly reach a deal with creditors on its rescue to avoid further economic hardship. The Treasury Department said in a statement that Lew spoke with Greek Finance Minister Yanis Varoufakis by telephone. Lew "noted that failure to reach an agreement would lead to immediate hardship in Greece, that the uncertainty is not good for Europe, and that time is of the essence." The Treasury chief "urged Greece to find a constructive path forward in partnership with Europe and the IMF (International Monetary Fund) to build on the foundation that exists to advance growth and reform," the statement said. Athens appears to be close to a deal with European Union officials on extending its rescue to allow time to renegotiate the conditions of its massive debt to allow the country more room to restore economic growth.
