"Brinkmanship is a dangerous thing when it only takes one accident," he said in a talk at the London School of Economics university.
"Everyone has to double down, and treat the next deadline as if it's the last deadline and get this resolved.
"The risk of going from deadline to deadline only increases the risk of an accidents," he said before heading to Dresden in eastern Germany for the G7 summit.
Finance ministers and central bank governors from the Group of Seven wealthiest nations meet in Dresden on Wednesday to discuss the global economy and financial regulation.
Athens' woes are on the agenda amid fears of a Greek eurozone exit.
"No-one should have a false sense of confidence that they know what the result of a crisis in Greece would be," Lew said.
"It's in everyone's interests for the situation to be resolved without a crisis."
"It's time for everyone to park the rhetoric on the sides and look to that sensible place where accommodation can be found."....
AFP
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IMF's chief economist says euro zone could cope with Grexit...
ReplyDeleteThe European Central Bank (ECB) has the means to contain the Greek debt crisis and the common currency could cope with a Greek exit, the International Monetary Fund's chief economist was quoted as saying on Wednesday.
The European Central Bank (ECB) has the means to contain the Greek debt crisis and the common currency could cope with a Greek exit, the International Monetary Fund's chief economist was quoted as saying on Wednesday (May 27).
"We have analysed what could happen if the crisis was to spread to other countries," Olivier Blanchard told German business daily Handelsblatt, according to excerpts of an interview to be published on Thursday. "The ECB has the means to get a grip on that," he said.
Asked whether there was a risk of Greece leaving the euro zone, Blanchard said: "Let's hope that this won't happen. But if it does, I'm convinced the euro will survive this."
The IMF chief economist said that it was possible to find a solution for Greece. However, more foreign aid could be needed to keep Athens afloat, he noted.....REUTERS