• ECB starting to adjust interest rates, remove support measures
• If industrialised nations don’t cut debt I see unpredictable risks to stability and employment
• Greece needs to make further substantial efforts and realise 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