BERLIN (MNI) – German Finance Minister Wolfgang Schaeuble and
representatives of leading German private banks said Tuesday they have
agreed on a contribution of the financial industry to the aid measures
for Greece.
“As far as possible we want to uphold for the duration [of the
Eurozone and IMF program] the existing credit lines for the Hellenic
Republic [of Greece] and the Greek banks as well as our engagement in
bonds of the Hellenic Republic,” the leading German banks and insurances
said in a joint statement issued after talks with Schaeuble today.
Deutsche Bank CEO Josef Ackermann said in a joint press conference
with Schaeuble that the financial corporations will contribute
“substantial amounts” of money to support Greece. However, he declined
to name a specific sum.
The financial businesses will also buy bonds issued by the German
state-owned KfW bank to finance Germany’s share of the aid package for
Greece, the Deutsche Bank CEO explained.
Wolfgang Kirsch, the CEO of Germany’s DZ Bank, said at the same
press conference that the commitment is “a strong gentleman’s
agreement.”
Schaeuble suggested that due to the voluntary engagement of the
financial industry, the E110 billion in loans offered by the Eurozone
and the IMF to Greece might not be fully needed.
–Berlin bureau: +49-30-22 62 05 80; email: twidder@marketnews.com
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