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US: Greece deal best for Europe, global economy

[WASHINGTON] US Treasury Secretary Jacob Lew hailed the deal between Greece and its official creditors Monday as a crucial step toward rebuilding trust and reviving the Greek economy.

"The agreement provides a basis for restoring trust among the parties and creates the conditions for a path forward for Greece within the eurozone, which is in the best interests of Greece, Europe and the global economy," Mr Lew said in a statement.

He noted Greece's commitment under the still-tentative deal, which maps out a huge third bailout for the country and requires difficult fiscal and structural reforms.

But it also "reflects a commitment by its creditors to provide financial support and help create a path for Greece to return to growth, and achieve debt sustainability," a point the US had pressed during the tense negotiations of recent weeks.

"These pledges will require difficult steps by all of the parties and substantial work remains to be done. The United States will remain engaged with all parties in this important period," he said.