Treasury Secretary Warns Greek Debt Crisis Could Destabilize US Financial System

US Treasury Secretary Jacob Lew warned Congress on Wednesday that foreign turmoil, such as Greece’s debt crisis, could destabilize the US financial system.

“In today’s globally integrated financial markets, foreign shocks have the potential to disrupt financial stability in the United States,” Lew said in testimony to the House of Representatives financial services committee.

Lew cited political uncertainty in Greece that has added to concerns about stability in the 19-nation eurozone. Greece’s negotiations with its creditors, the European Union and the International Monetary Fund, have bogged down as payment deadlines loom and the risks grow of a debt default and exit from the currency bloc.

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