Reuters: Regulatory News: IIF encouraged by EU progress, says more needed

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IIF encouraged by EU progress, says more needed Jun 29th 2012, 13:39 FRANKFURT, June 29 | Fri Jun 29, 2012 9:39am EDT FRANKFURT, June 29 (Reuters) - Charles Dallara, managing director of the Institute of International Finance (IIF), said progress made by euro zone leaders at a Brussels summit was encouraging, although additional steps were needed to restore market confidence. "The signals are encouraging," Dallara told reporters in Munich on Friday, adding that important details about how to resolve the euro done debt crisis in the medium-term still needed to be hammered out. EU leaders meet in Brussels on Thursday and Friday to discuss proposals for a banking and fiscal union amid mounting alarm in financial markets over the euro zone crisis. The lobby group, which represents more than 450 banks and other financial firms, helped coordinate Greece debt restructuring talks. Dallara said helping to bail out Greece must remain an exception. Private sector investors would only come back to invest in sovereign debt if they were reassured no further haircuts would follow.

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