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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 -
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
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Countries that are occasionally immature in their ability to manage their economic affairs as well as they should - and that includes most of them - are going to find that the world is at risk.
Charles Dallara -
A core group of the world's leading economies need to come together and hammer out an understanding.
Charles Dallara -
I think Putin will have to find a way to signal, even if it's a modest signal, an openness to dialogue.
Charles Dallara -
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 -
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 -
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
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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