STARK - IF INDUSTRIALISED NATIONS DON'T CUT DEBT I SEE UNPREDICTABLE RISKS TO STABILITY AND EMPLOYMENT
GREECE NEEDS TO MAKE FURTHER SUBSTANTIAL EFFORTS AND REALIZE PRIVATISATIONS
DON'T SEE REASON WHY GREECE WOULD NOT BE ABLE TO RETURN TO MARKETS IF IMPLEMENTS PLANS
UNDERSTANDS CALLS FOR PRIVATE SECTOR ROLE IN GREEK DEBT DEAL, NECESSARY TO AVOID MORAL HAZARD. HOWEVER WOULD CREATE CREDIT EVENT
DEFAULT WOULD HIT GREEK BANKS, EUROPEAN TAXPAYERS WOULD THEN HAVE TO STEP IN TO REFINANCE THEM
RISKS TAKEN BY ECB HAVE BEEN BIG BUT CAN BE MANAGED