Bloomberg News

IIF Sees Limits to Voluntary Investor Participation on Greek Aid

October 24, 2011

Oct. 24 (Bloomberg) -- The Institute of International Finance, the umbrella group for 450 of the world’s biggest financial companies, said there are limits to what investors consider voluntary in talks on the private sector’s contribution to the rescue of Greece.

“There are limits, however, to what could be considered as voluntary to the investor base and to broader market participants,” Charles Dallara, the IIF’s managing director, said in an e-mailed statement today. “Any approach that is not based on cooperative discussions and involves unilateral actions would be tantamount to default.”

The IIF remains “in constant contact with the Greek authorities and the Greek banks” and is “committed to the search for constructive solutions, which can be positive not just for the investors, but also for Greece,” he said.

To contact the editor responsible for this story: Nicholas Comfort at ncomfort1@bloomberg.net


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