Greek exit 'may cost' €1 trillion - The Irish Times - Sat, May 26, 2012: "The cost of Greece exiting the euro would be unmanageable and probably exceed the €1 trillion previously estimated by the Institute of International Finance (IIF), the group's managing director said.
The Washington-based IIF's projection from earlier this year is "a bit dated now" and "probably on the low side," Charles Dallara said in an interview in Rome.
"Those who think that Europe, and more broadly the global economy, are really prepared for a Greek exit should think again."
The European Central Bank's exposure to Greek liabilities is more than twice as big as the ECB's capital, said Mr Dallara, who represented banks in their negotiations with the Greek government on its debt restructuring."
The Washington-based IIF's projection from earlier this year is "a bit dated now" and "probably on the low side," Charles Dallara said in an interview in Rome.
"Those who think that Europe, and more broadly the global economy, are really prepared for a Greek exit should think again."
The European Central Bank's exposure to Greek liabilities is more than twice as big as the ECB's capital, said Mr Dallara, who represented banks in their negotiations with the Greek government on its debt restructuring."
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