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.
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.
On the eve of the Greek elections German Finance Minister Wolfgang Schaeuble sent a warning to Greece that it will have to "bear the consequences" if it fails to elect a government that does not respect commitments made by the current government.
