Josef Ackermann tried to shake up Zurich Insurance Group AG. Now, allegations that he was partly responsible for the suicide of the chief financial officer are casting a shadow over his 35-year career.
The cost of Greece exiting the euro would be unmanageable and probably exceed the 1 trillion euros ($1.25 trillion) previously estimated by the Institute of International Finance, the group’s managing director said.
Bank participation in voluntary writedowns on Greek bond holdings will be “very high” and the exchange is unlikely to trigger debt insurance contracts, said Charles Dallara, managing director of the Institute of International Finance.
Charles Dallara, managing director of the Institute of International Finance, said he’s hopeful of finding “common ground” on a Greek debt swap as European finance ministers pushed for greater concessions from the country’s private creditors.