IMF managing director Christine Lagarde and Bundesbank President Jens Weidmann at the G7 finance ministers’ summit in Dresden, Germany, on May 28, 2015 (Photo: AFP)

US Treasury Secretary Jack Lew called for stronger efforts to resolve Greece’s debts, in order to stabilize the global economy. International Monetary Fund (IMF) chief Christine Lagarde said that the 3 creditors – the IMF, the European Commission (EC) and the European Central Bank (ECB) – and Greece are approaching a final solution to the issue, adding that Greece needs to show stronger commitment to reform. The EC and ECB leaders insisted on their condition that Greece must conduct effect radical reforms if it wants to receive additional aid, which Greek Prime Minister Alexis Tsipras’s government has been resisting.
During the first day of talks, the G7 finance leaders discussed ways to deal with transfer pricing and tax evasion by multi-national corporations. They agreed on a plan to finance Ukraine’s government and halt the funding of international terror groups.