Charles Dallara, Managing Director of the Institute of International Finance, addressed an event yesterday organized by the Hellenic Bank Association while in Athens on a two-day official visit. In his speech, he stated that Greece and Europe need mainly development, not austerity. He added that a new haircut of the Greek debt by the official sector would be neither productive nor necessary for the time being, but he supported the idea of cutting interest rates on Greece’s loans. He finally underlined that Greek economy could become one of the more competitive in Europe, upon condition that the country continues with structural reforms. As part of his visit, Dallara met with Finance Minister Yiannis Stournaras as well as with local bank executives, businessmen and government officials.