The United States and Japan have pressured Europe to sort out a deal with Athens to avoid further destabilisation in the world economy.

The calls came at the Group of Seven meeting among finance ministers in Dresden on Friday.

US Treasury Secretary Jack Lew told reporters after the meeting, “All parties need to move.”

He advocated some ‘flexibility’ on the side of Europe; but insisted that, “Greece needs to make very tough decisions..”

The European Central Bank, the International Monetary Fund, and the European Commission are demanding the Greek government implement a raft of economic reforms in return for further bailout packages.

“Everyone agrees that resolving this without crisis would be in the interest of everyone and the global economy,” added Mr Lew.

In attendance at the Dresden talks were ECB president Mario Draghi, The EU commissioner for economic and monetary affairs Pierre Moscovic, and IMF chief Christine Lagarde.

Ms Lagarde caused a sensation only the day before by suggesting the very real ‘potential’ of a Greek exit from the eurozone. She attempted to waterdown her comments ina later press release, but the damage had already been done.

Customers redoubled their efforts to remove money from Greek banks after the comments.

The European Central Bank has revealed that banks now hold a paltry $198.89 billion of savings compared to the $242 billion they did 10 years ago.

The Australian has reported that citizens are now resorting to keeping cash in their homes rather than banks; while wealthier Greeks look to move their savings off-shore.

The Greek debt crisis dominated talks in Dresden even though it was not officially listed on the agenda of topic discussions.

Opinion is divided as to what effect a Greek exit from the Eurozone would have on the world economy. But countries with already high debts, like America and Japan, don’t want the added complication.

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