Charles Dallara

When you inject capital into the parent, it may or may not benefit the subsidiary.

We remain open to explore options on a voluntary approach built on a realistic outlook for the Greek economy and restoration of Greece's market access.

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

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.

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.

2005 is highly likely to be a more challenging environment, both for policymakers and investors.

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.

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.

A new forum is needed that reflects the realities of today's globalised world and the rising importance of emerging markets.

We can no longer contemplate a world in which public or private sector funds are used to bail out or recapitalize failing firms.

The Fed cannot levitate markets forever. And when they finally do move, I think we have to be prepared for a considerable amount of turbulence.

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.

If the official community is interested in asking the private sector to take another look at Greece, then it will have to be only as part of a broader process of addressing the full range of sovereign debt issues in Europe.

I think that it would be a mistake for any institution to think that their stake in a default or in a voluntary accord is determined by the amount of their exposure, hedged or unhedged.

It is certainly possible that the Greek economy can revive and achieve some growth over the years ahead.

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

Greece's unprecedented fiscal effort, which was more than planned, has triggered much larger contractions of economic activity and the tax base than the original program had assumed.

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.

It was very important for us to hear that both European governments and the IMF are going to sustain and augment their commitment to Greece because they don't pursue the debt reduction route. They're actually extending more debt, more loans to Greece.

Greece's debt is going to be a function of a lot of factors down the road.