Greece's unprecedented fiscal effort, which was more than planned, has triggered much larger contractions of economic activity and the tax base than the original program had assumed. Charles Dallara More Quotes by Charles Dallara More Quotes From Charles Dallara Our long-term prosperity depends critically on the ability of world leaders to make politically difficult decisions at a time when the global economy is still vulnerable on so many fronts. Charles Dallara difficulteconomytimeworld Observers and even some officials raise questions about the future of Greece as part of the Eurozone, while the Eurozone itself struggles to deal with fundamental flaws at the heart of its architecture. Charles Dallara futureflawsarchitectureheart Threats of trade protectionism, plus unilateral actions on the exchange-rate front, such as the heavy interventions of China, Japan, and Switzerland in the currency markets - not to mention the retaliatory tariffs recently passed by the U.S. House of Representatives - endanger growth prospects and could further depress financial market confidence. Charles Dallara switzerlandconfidencegrowthhouse Some of the policy measures that are important are politically difficult if taken independent of actions by others in support of common goals. Joint actions are therefore needed, and establishing a G-11 with an effective role for the IMF provides the viable way forward. Charles Dallara goalssupportimportantway You look at the U.S. budget deficit, and you cannot help but feel that this is a serious accident waiting to happen. And not just a serious U.S. accident, but a serious global accident. Charles Dallara feellookyouwaiting It is time to recognise that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth. This would be a tragedy not just for Greece and for Europe, but for the world. Charles Dallara alonegrowthtimeworld I think it is incumbent on the rest of us - and I would suggest that includes other European leaders - to pause in what has become a very popular game of telling the Greeks how to run their lives. Charles Dallara pauserestgamethink It was very important for us to hear that both European governments and the IMF are going to sustain and augment their commitment to Greece because they don't pursue the debt reduction route. They're actually extending more debt, more loans to Greece. Charles Dallara moredebtimportantcommitment I think Putin will have to find a way to signal, even if it's a modest signal, an openness to dialogue. Charles Dallara findwillthinkway Greece's debt is going to be a function of a lot of factors down the road. Charles Dallara roaddowndebtfunction It is certainly possible that the Greek economy can revive and achieve some growth over the years ahead. Charles Dallara aheadpossibleachievegrowth I think that it would be a mistake for any institution to think that their stake in a default or in a voluntary accord is determined by the amount of their exposure, hedged or unhedged. Charles Dallara institutioni-thinkthinkmistake If the official community is interested in asking the private sector to take another look at Greece, then it will have to be only as part of a broader process of addressing the full range of sovereign debt issues in Europe. Charles Dallara willlookcommunityprocess I had the privilege of living in Greece in the early 1970s. Charles Dallara earlylivinggreeceprivilege The Greek people deserve an economy that is not burdened forever by a heavy bureaucracy and a bloated public sector. Charles Dallara bureaucracydeserveforeverpeople Unfortunately, I think we could see that fairly early in 2015: The cloud of economic weakness in Russia is spreading over Europe. It has the potential of spreading into contagion into other emerging markets, particularly those with large energy companies, such as Petrobras in Brazil. Charles Dallara seethinkweaknessenergy The Fed cannot levitate markets forever. And when they finally do move, I think we have to be prepared for a considerable amount of turbulence. Charles Dallara cannotthinkbe-preparedforever The Germans argue - and I can fully understand them - that the euro countries must surrender their sovereignty, because that is the only way to implement budget discipline in a fiscal union. Charles Dallara understanddisciplinei-canway How can the United States preserve its financial and security leadership role when it conducts itself with such ineptitude and such disregard for the consequences for the world? Charles Dallara howsecurityleadershipworld Exchange rate understandings are of little use on their own. Charles Dallara exchangelittleownuse
