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Architect of Greek debt deal to step down

June 7, 2012: 9:24 AM ET

Charles Dallara, managing director of the Institute for International Finance, is leaving his post after 19 years.

The man who helped broker the largest restructuring of sovereign debt in history will step down.

Charles Dallara, managing director of the Institute for International Finance, was a central figure in the difficult process of writing down Greek government debt earlier this year.

Dallara, 62, announced his intention to resign as IIF director at the group's spring meeting in Copenhagen. After 19 years in the job, Dallara will step down "in coming months," according to an IIF spokesman.

A former banker and long-time Treasury official, Dallara represented private sector bondholders in the tough negotiations with Greece and the European Union.

The high-stakes talks were fraught with drama and broke down several times before an eleventh hour deal was struck to prevent an out right default by Greece.

In the end, the private sector accepted a loss of 100 billion euros, while Greece agreed to a program of harsh economic reforms in exchange for a second bailout.

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