Charles Dallara Quotes

The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia.

I can tell you what happens to countries that go bankrupt. I've been to Argentina. I'm familiar with the history of Mexico and Great Britain. We'll see the same things here shortly: inflation, huge tax increases, capital flight and, eventually, capital controls.

Believe me, the next step is a currency crisis because there will be a rejection of the dollar, the rejection of the dollar is a big, big event, and then your personal liberties are going to be severely threatened.

I think the IMF helped to detonate the Indonesian crisis.

Europe is on an economic collision course with reality.

The Greeks do not have the option of borrowing because nobody will lend to them.

Ireland, once an impoverished backwater from which generations fled, conjured an economic miracle…. After 2007, the party ended in a morass of insolvent banks, bad mortgages, and unpaid public debt, ultimately sending the proudly independent country begging to the International Monetary Fund.

I believe Europe is burning financially. Europe's problems are not going to go away. They are so structural. Yet, our problems are right behind them. We cannot just look at Europe.

Greece could default on its debts and even exit currency bloc if it cannot deliver reforms.

The more there is a European solution to a theoretical, but possible, problem in the markets, the less we will have to talk about an I.M.F. solution.

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.

For the next three years, we're going to see different economies work out different problems. For European economies, especially Greece, it would be through default.

I hope Greece is going to remain in the Euro zone.

There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.

The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.

The World Bank is now the biggest culprit in the debt crisis.

In this age, if the currency of a major nation collapses, or its access to borrowing ends, it just can't function.

If Spain goes under, Italy will come under even more scrutiny.

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.

The International Monetary Fund is the doctor to sick economies.

Massive debts owed to foreign creditors weaken our global influence and threaten high inflation and steep tax increases for our children and grandchildren.

Look at the Weimar Republic and their hyperinflation in the early '20s. It didn't happen overnight. I've used the analogy, it's a lot like soybeans: you plant 'em, you wait. Conditions take some time. You need some sun; you need some water, but ultimately things start to grow, and are we in that phase or not?

American economists can't understand the German fear of inflation and the effects of inflation when dealing with the world economic crisis. They wonder why Germany pursues such a different course - 'Why can't they agree with us?' I would have thought it was fairly obvious.

I'm the finance minister of a bankrupt country!

We have a debt the size of our economy, which makes us look a lot like Greece.