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US warns against game of brinkmanship over Greece A Greek default and exit from the eurozone will open a Pandora's box in the single currency area that could spark a fresh crisis, the US Treasury Secretary has warned.
Jack Lew said policymakers should stop their brinkmanship over Greece and act quickly or risk a accidental and messy Greek exit from the eurozone. "I don't think anyone wishes [Greece] to blow up. What I worry most about is an accident. You have moments that come up with all too much frequency, where a miscalculation could lead to a crisis that would be potentially very damaging." Mr Lew said compromises had to be made by Greece and its creditors, amid pleas from the nile jewelry Greek government for leniency as it faces of repayments to the International Monetary Fund this month. Jack Lew met with Greece's finance minister in April "No one should have a false sense of confidence that they know the result of a crisis in Greece," he said. "[There is a] critical need for Greece to come up with a credible programme to deal with its fiscal challenges and structural reforms. These are going to mean difficult jewelry cleaner policies to push forward." He told an audience at the London School of Economics: "The challenge for the institutions both in political and economic organisations, and the IMF, is to show enough flexibility so that if Greeks are prepared to take these kinds of steps, they find the kind of pathway to resolve all of this without there being an accident and unnecessary crisis. "I think brinkmanship is a dangerous thing when it only takes one accident. Everyone has to double down and treat the next deadline as last deadline and get this resolved. The risk from going from deadline to deadline increases the risk of an accident." Sir Christopher Pissarides, Nobel Prize winner and professor at the LSE, urged the Greek government to stop "wasting time". "The new government in Greece has not really done as much as it should given how bad the consequences would be for Greece if they're forced into default or any other accident," he said. "There is a view in Greece that it would be bad for Europe and it's true. But then it doesn't follow from that view that Europe is going to give in to everything that's being asked without some substantial effort from Greece to avoid an accident because it may happen and I'm very worried about the Greek people. Sir Christopher, who was in the audience on Wednesday, said a referendum on euro membership and reform was the right way forward for Greece. "I hope it has a referendum because the government received a mandate which was based on criticising the previous policies and saying how bad it was. Unemployment is very high, living standards have fallen, Greece is on the verge of breaking down and the programmes are responsible for that." However, Sir Christopher said the Syriza led government did not have a mandate to take Greece out of the euro. "Therefore, the best way to deal with it now is to say: give us two or three weeks to organise a referendum, and make clear pandora charms official site to the Greek people what's needed so we can carry on with this rescue package. And then you hold a referendum and if the people say yes [to reforms], they pandora bracelet specials have a way forward. If they say no, I'd hate to think what the consequences would be.
" Mr Lew also said America would continue to support Ukraine in its conflict with Russia. "We need to send a clear message that in the 21st century you cant destory countries through aggression.".
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