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History has taught us that, if not managed carefully, infrastructure investments can lead to a problematic increase in debt, i have said before that, to be fully successful, the Belt and Road should only go where it is needed. I would add today that it should only go where it is sustainable, in all aspects.
So, what we have said is, the IMF thinks that it is better to make sure that the data are absolutely confirmed, that there is no uncertainty, neither on the front of price stability, nor on the front of employment and unemployment, before it actually makes that move, and that would call for being in the curve, rather than necessarily ahead of the curve or indeed behind the curve.
The authorities and the supervisors constantly have to remain vigilant particularly when there are those new and innovative products...those risks have to be under the watch of the supervisors, be they in traditional banking, be they in these disruptive banking systems or in these shadow banking systems.
We have received so many 'latest' offers, which themselves have been validated, invalidated, changed, amended, over the course of the last few days, that it's quite uncertain exactly where the latest proposal stands, i think there is a democratic process that is underway, and that should result in hopefully more clarity, less uncertainty as to what is the determination of the Greek people, and what is the authority of the Greek government.
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