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To: Wharf Rat who wrote (34415)	11/14/2012 12:20:07 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 85487

Finance chief condemns austerity It's worth noting that the man who represented Greece's creditors in this year's bond restructuring (in which €107bn was wiped off its debt pile), has criticised Europe's austerity drive today Charles Dallara, head of the Institute of International Finance, delivered a scathing attack on the policies of austerity in Athens. Our own Helena Smith was there, and reports: “Europe and Greece need to steer a new course to find a better balance between austerity and growth, between short-term fiscal discipline and long-term expansions of output and employment opportunities,” Dallara said in a speech outlining the strategy that he argued was required for Greece and Europe to emerge from the crisis. “A return to real, sustainable economic growth can be the only genuine solution to Europe’s crisis,” he told the Hellenic Bank Association. “It is time to recognize that austerity alone condemns not just Greece but the whole of Europe to the probability of a painful and protracted era of little or no economic growth. This would be a tragedy not just for Greece and for Europe, but for the world.” In remarks after the speech, the American described as “excessive” the pace of fiscal adjustment “It has been excessive and contracted to this dramatic contraction of the economy,” he told me. We don’t need to throw out the [IMF-EU fiscal consolidation] programme altogether and there are definitely good things in it but we need urgently to change course.” So it's not just Europe's unions who are calling for a change... guardian.co.uk