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Wednesday, November 14, 2012

Bank lobby chief: Greece needs help, not writedown

Charles Dallara, head of Greece's bondholders lobbying group, the Institute of International Finance, delivers a speech at the National Bank of Greece, hosted by the Greek Banks Association in Athens on Wednesday Nov. 14, 2012. Charles Dallara has praised Greece's recently approved austerity package, saying it provides a "comprehensive framework for reform." Charles Dallara, managing director of the Institute of International Finance, said Greek governments had shown "impressive willingness to bear short-term pain for long-term gain" in passing a major round of new cuts. They were approved last week and are worth €13.5 billion ($17 billion). (AP Photo/Dimitri Messinis)Greece needs more lenient targets to reduce its budget deficit, not a debt write-off by official creditors, which wouldn't be politically feasible, the head of a global banking lobby said Wednesday.



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