Charles Dallara

“I had the privilege of living in Greece in the early 1970s.”

“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.”

“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.”

“Threats of trade protectionism, plus unilateral actions on the exchange-rate front, such as the heavy interventions of China, Japan, and Switzerland in the currency markets - not to mention the retaliatory tariffs recently passed by the U.S. House of Representatives - endanger growth prospects and could further depress financial market confidence.”

“We have not argued in either Brazil or Argentina that the IMF should step in to protect the banks.”

“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.”

“I think Putin will have to find a way to signal, even if it's a modest signal, an openness to dialogue.”

“The risk of policy contagion could be magnified if a new funding arrangement were agreed between Argentina and the IMF before a comprehensive policy framework is developed that addresses fundamental investor concerns.”

“In a moment of stress, funding may go to systemically-important firms, which could pull funding away from firms not making the cut.”

“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?”

“I think it is incumbent on the rest of us - and I would suggest that includes other European leaders - to pause in what has become a very popular game of telling the Greeks how to run their lives.”

“You look at the U.S. budget deficit, and you cannot help but feel that this is a serious accident waiting to happen. And not just a serious U.S. accident, but a serious global accident.”

“Some of the policy measures that are important are politically difficult if taken independent of actions by others in support of common goals. Joint actions are therefore needed, and establishing a G-11 with an effective role for the IMF provides the viable way forward.”