Charles Dallara News
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The Institute of International Finance is exploring options with European officials to help spur lending to small- and medium-sized enterprises, the head of the Washington-based industry group said.
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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.
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If an agreement is reached in coming days to reduce Greece’s debt burden, markets will calm, dire predictions about the euro will fade, and Charles Dallara may finally get a solid night’s sleep.
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Greece isn’t expected to default on its debt obligations even though there are challenges facing Europe’s rescue efforts, said Institute of International Finance managing director Charles Dallara.
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Cyprus needs support from the euro area, the International Monetary Fund and Russia to stay in the euro and avoid restoking the financial crisis, said Institute of International Finance Managing Director Charles Dallara.
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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.
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Josef Ackermann, the former chief executive officer of Deutsche Bank AG who now chairs Zurich Insurance Group AG, said allowing the euro to fail would be more costly than deepening the region’s fiscal and political ties.
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Financial markets are overreacting to concerns that French banks might suffer from exposure to their nation’s sovereign debt, Institute of International Finance managing director Charles Dallara said.
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Momentum is building toward the Greek debt swap after initial investor feedback and European policy-maker actions, said Charles Dallara, managing director of the Institute of International Finance.
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Europe’s steps to support Greece and safeguard other euro-area nations will allow markets to move past contagion fears, Institute of International Finance Managing Director Charles Dallara said.
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