By Jack Duffy
WASHINGTON (MNI) – Josef Ackermann, group chief executive of
Deutsche Bank, said Sunday that it would be a mistake to change the
terms of the Greek debt exchange because he was unsure if investors
would participate.
“If we start reopening that Pandora’s box we lose a lot of time,”
Ackermann said at a press conference sponsored by the Institute for
International Finance. “I’m not sure if investors will participate,” he
added.
Ackermann was responding to a comment from Germany’s Finance
Minister Wolfgang Schaeuble on Friday that the conditions on which the
second Greek bailout was determined had changed.
“Clearly the figures have changed,” Schaeuble said during a press
briefing at the International Monetary Fund and World Bank meetings.
Analysts have also said that the Greek debt is now trading in the
secondary market at levels well below the 21% discount that the Greek
debt exchange calls for
Ackermann rejected any changes, however, saying that “to reopen
that debate would not be productive and would not stabilize things
on the global scale. Our strong advice is to move on.”
** Market News International Washington Bureau: 202-371-2121 **
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