In Sunday's pivotal polls in debt-ridden Greece, parties committed to the terms of the EU and IMF-led bailout held off a strong challenge by a leftist anti-austerity party that was campaigning on abandoning the deal.
The International Monetary Fund has indicated that it could now be open to a renegotiation of Greece's 130 billion euros ($A162.52 billion) program.
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Key EU player Germany has said there could be an extension of a deficit deadline but Greece's new leader, Harvard-educated Antonis Samaras, also wants a reduction in property and sales taxes and a freeze in pension and salary cuts.
Speaking on the sidelines of the G20 summit in Los Cabos, Mexico, senior US official Lael Brainard said "there is ample room for both sides to sit back down" and hammer out a new deal giving Greece more time to meet its obligations.
"We expect to see on the part of the European partners and the IMF recognition that Greece's program has gone off-track for some period of time in part because they had a protracted political process and have not had a government," she said.
And there is always in stabilisation programs, financial, fiscal and structural programs, the ability to recognise that you need to give some more time, recognise that economic outcomes did come out quite the way it was originally projected.
"So there's room I think for both sides to move forward, and that, certainly, we're going to support."
US President Barack Obama, who fears the turmoil in Europe will drag down the broader world economy and torpedo his hopes of re-election in November, will hold a separate meeting later Monday with EU leaders to address the debt crisis.
