charles dallara is managing direct director for international finance. charles, thanks very much, indeed, for joining us. it has been a long night for you. we appreciate you joining us. we just ran a clip from you saying if there's broad agreement from the private sector this will make a major contribution. how much of an if is that? how much support do you generally think this deal is going to get? >> oh, i think it will get very strong support. of course we respect the fact that each individual investors will need to make its own determinations and judgments but this deal holds considerable benefits for investors and i couldn't disagree more with your previous speaker who says greece is in default. the facts are quite the contrary. greece has met every payment that is due to creditors and now we are voluntarily restructuring a huge amount of the debt, eliminating a substantial amount of the debt to give them the breathing space that they need to successfully implement this program. we're quite hopeful about high levels of participation in this deal. >>

charles dallara, head of the iif did say he was confident that enough of the private shareholders would pick up on the deal voluntarily. that's the key sentence in here. thud they not pick up voluntarily, there's a bit of a backstoper in there because the greek government wants a collective action clause into its legislation so voluntary, involuntary at the end of the day. that remains a moot point possibly at least if you are a bondholder. the ecb is not taking a haircut but is passing on profits it made on bond purchases for greece on to, "a," its central bank and the imf will take a substandings portion which is yet to be decided so we have a bit of a breathing space. no big surprises. i daresay we'll be talking about greece and sustainability very soon again. >> silvia, thank you. and let's hope that this deal brings us a better result than with the battle. we'll talk to you later this morning. meantime, secretary of state hillary clinton hosting her first ever global business conference. the two-day conference comes as the u.s. tries to protect itself against geopolitical head wind