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Charles Dallara, Managing Director of the Institute of International Finance (IIF) has warned that the cost of a Greek exit from the euro could exceed $1.25 trillion and that an exit would result in the European Central Bank's (ECB) insolvency.
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The head of the Institute of International Finance (IIF), who negotiated on behalf of Greece's creditors during the recent bond swap, has said that the focus on euro zone austerity needs to be balanced with economic reality.
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