U.S. Treasury Secretary Jack Lew spoke by phone on Wednesday with Greek Finance Minister Yanis Varoufakis and urged him to find a constructive path to a deal for the extension of Greece’s bailout program beyond February 28.

According to The Guardian, Lew underlined that “time is of the essence” and noted that failure to reach an agreement would lead to immediate hardship in Greece.

However, the U.S. Treasury Secretary stressed that the current uncertainty is not good for Europe either and expressed his intention to encourage Greece’s international creditors to strike a deal.

Athens will, by all accounts, request a loan agreement “extension” on Thursday from its creditors.