G20 leaders should stop demonising the finance sector and imposing onerous regulations on banks if they want lending and the world economy to recover, a global association of financial institutions said on Wednesday.
The Institute of International Finance, which has been negotiating with Greece on behalf of private investors in its sovereign debt, also defended the offer it made last week for a 50 per cent reduction in the face value of Greek bonds.
Charles Dallara, managing director of the Washington-based institute, said he was confident the proposal – a deeper cut than its first offer in July – would put Greece on a sustainable path towards growth and stabilising its debt, though he could not give an absolute guarantee.
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