Charles Dallara Quotes

And then you might decide that the country can just spend maybe years or decades to regain that credit, or maybe give that county the support, the financial support that the market is not willing not do.

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.

I think the facts reveal that the European partners have taken extraordinary measures to help Greece address its problems.

Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.

One needs a comprehensive concept that decides just how much debt states like Greece, Ireland, Portugal, Spain and Italy can sustainably bear.

In the middle of a recession, where we're just climbing out of it, where the economy -unemployment is still at 9.7 percent, the idea of raising taxes and reducing spending is a prescription for disaster.

Much of what Germany and France have done in the rescue of Greece has also helped German and French banks, who for a long time were major creditors for Greece and Greek banks.

The financial crisis in our country is not a passing storm. Given the size of the problems, our national effort will not be completed in 2012. It will take many years and will require the efforts and insistence of several governments.

When I took over, the economy had almost collapsed. I told Malawians we needed to pass through difficult times. Two days ago I even cut my own salary by 30% to show we are making sacrifices.

I have done everything I can to move Britain out of the financial danger zone.

The most important point is, in a time of crisis, there is no way out but for the government to be bold and aggressive.

In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.

The world has conducted a massive macro-economic experiment since the cataclysm of 2008. In Europe, the fans of austerity have had their chance, and the results have been a disaster.

Economic depression cannot be cured by legislative action or executive pronouncement.

As austerity measures were foisted upon Greece, Ireland, Portugal, and other highly indebted countries, growth was rendered even more elusive, aggravating unemployment

We used to think that we could spend our way out of a recession…. I tell you in all candor that that opinion no longer exists.

There must be no question for us that we in the European Union and the eurozone stand by Greece in solidarity.

The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out across the board.

So my number one priority is to restore the Greek economy to an aggressive growth path.

We simply can't spend our way out of a recession.

The more comprehensive and convincing a debt reduction program is, the less likely it is to fail. And remember, just as Germany is grateful to America for the Marshall Plan, Italy would be grateful to Germany for helping it lower its refinancing costs.

I believe that with the help of foreign countries - and under that condition only, because they have no other source of financing - the new government may temporarily extricate Georgia from the current situation.

The Greek debt issue, for example, is such a threat because if that country ever defaulted, it might cause some bank that's 'too big to fail' to actually fail.

Political leaders cannot survive as advocates of near-permanent austerity on the basis of directives imposed from abroad.

Can we prevent an almost complete collapse of the financial structure of modern capitalism? With no financial leadership left in the world and profound intellectual error as to causes and cures prevailing in the responsible seats of power, one begins to wonder and to doubt.... The financial and political authorities of the world have lacked the courage or the conviction at each stage of the decline to apply the available remedies in sufficiently drastic doses; and by now they have allowed the collapse to reach a point where the whole system may have lost its resiliency and its capacity for a rebound.