IIF’s Charles Dallara Says Greek Exit ‘Somewhere Between Catastrophic And Armageddon’!
- The Illuminists are lining up the pieces for a catastrophic collapse of the Eurozone! It is their cover for the coming financial derivatives meltdown. They can then shift the blame to the sovereign debt default ie. it is the sheeple’s fault, not the banksters!
IIF’s Charles Dallara says Greek exit ‘somewhere between catastrophic and armageddon’!
by Reuters, via http://www.telegraph.co.uk/
The damage to the rest of Europe from Greece leaving the euro would be “somewhere between catastrophic and Armageddon”, the chief negotiator for the body representing private sector holders of Greek bonds said on Wednesday.
Charles Dallara, who as head of the International Institute of Finance (IIF) spent months in Athens negotiating the largest ever sovereign debt restructuring, also said he had seen evidence that more people were moving their cash out of Greece.
“There has been a pick up of deposit flight from Greece,” Mr Dallara told reporters, but added he thought this could be stabilised “once you get a new government in place, if that government reaffirms its intention to remain in the euro zone”.
He was speaking on a visit to Ireland, which followed Greece into an international bailout in 2010 but has been far more successful in boosting exports to keep the economy afloat while slashing government spending.
Policymakers have begun to speak openly of the risk that Greece, now in its fifth year of recession, might leave the euro. Mr Dallara said the costs of a Greek exit would be so severe that Europe has to find a palatable way of solving their woes.
“I think that it (a Greek exit) is possible, but I wouldn’t call it inevitable and I wouldn’t even call it likely because the costs for Greece, for Europe and for the global economy are likely each in their own way to be immense,” Mr Dallara said in a speech.
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