Rep. Maloney Urges Solution to Greek Debt Crisis

Congresswoman Carolyn B. Maloney (NY-12) today released the following statement after a House Foreign Affairs Committee briefing with Treasury Assistant Secretary for International Finance Ramin Toloui concerning the ongoing Greek debt crisis and negotiations with European Union creditors. Rep. Maloney is the co-founder and co-chair of the Congressional Caucus on Hellenic Issues.

“As representative of the largest population of Hellenic Americans in the United States, I have been closely monitoring the negotiations between Greece and its creditors. It is clear that a Greek exit from the Eurozone would have a disastrous impact on the Greek people, who are already suffering from years of recession and a frozen banking system.

Tough choices need to be made in order to reach an agreement that takes into account the concerns of both sides. A healthy Greek economy and a stable and secure Eurozone are in the interest of the entire international community. So I hope our European allies will come together and find a way to maintain the system of solidarity and common responsibility that has characterized the EU’s history.

I support President Obama’s ongoing efforts to facilitate negotiations, and particularly appreciate the President’s recent conversation with German Chancellor Merkel urging a durable agreement that allow Greece to resume reforms, return to growth, and achieve debt sustainability within the Eurozone.

During this critical time it is vital that all sides act in good faith and put forward realistic and substantial reform proposals. Following the IMF report released last week, it is clear that Greek debt is simply unsustainable and letting a generation of Greeks languish in penury would undermine the security of the region and stability of the global economy.

As Co-chair of the Congressional Hellenic Caucus, I hope to see a positive end to the crisis that puts Greece on the road toward putting its fiscal house in order and enables future prosperity.”