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White House: Greece Is on Right Path, but Debt Issue won't be Solved Overnight

White House at midday
White House at midday

Greece and Europe have made great progress on the program for the country’s economic recovery, but the Greek debt problem won’t be solved overnight, said White House Press Secretary Josh Earnest.
During Monday’s White House press briefing, Earnest said that the Greek government has shown its commitment to make difficult reforms for its economic recovery and that the U.S. will support Greece and Europe in the effort.
Below is the transcript of the specific question:
QUESTION: “Two very brief questions on different areas. First, when the President was at the G7 Summit, he said that the agreement on Greece that was made at the time resolved the Greek debt issue for a reasonable amount of time.  Given the fact that country has debt-to-GDP of 180 percent, what is the timeframe he was referring to?  And what needs to be done to have a permanent solution to the Greek crisis?”
MR. EARNEST:  “I think what the President was alluding to is just the fact that Greece and the other members of the EU have made important progress in both offering up needed support to the Greek government and to the Greek people as they confront some significant fiscal and economic challenges in their country. And what we’ve seen also from the Greek government is a genuine commitment to implementing some key economic and fiscal reforms that would put Greece back on a path to sustainable debt load.
So this is not a problem that’s going to get solved overnight, and there have been various points along the way over the last six years or so where it has looked as if the relationship between Greece and the EU might go down the wrong path. I think the President was simply observing that as the Greek government continues to successfully implement these reforms, and as the EU continues to keep its commitment to supporting the Greek government, that things seem to be moving in the right direction.  And, look, the President I think also was offering some credit to leaders across the EU and in Greece for making some decisions that weren’t terribly popular politically, but were critical to addressing this significant challenge that would have consequences for the global economy.
So there’s been a lot of important progress that’s been made, and the President is certainly pleased with the current trajectory. But there are important decisions that lie ahead, and the United States will be there to strongly support our allies and partners in Europe as they confront these significant challenges.”

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