Tags: EU | Europe | Financial | Crisis

German Banks Prepared to Help Greek Bailout

Thursday, 30 Jun 2011 09:46 AM

 

German Finance Minister Wolfgang Schaeuble says the country's banks have told him they are prepared to contribute to the Greek bailout.

The comments Thursday came after Schaeuble held closed-door talks with representatives of Germany's banks.

Details are yet to be finalized, but Deutsche Bank CEO Josef Ackermann says a French plan will serve as a "basis."

French President Nicolas Sarkozy said Monday that French banks are ready to help Greece by accepting a significant debt rollover. He says the plan would see banks reinvest their Greek debt holdings over 30 years.

French banks, with some 15 billion euros ($21 billion), and German banks, with 16 billion euros, are among the biggest holders of Greek sovereign debt according to the Bank of International Settlements.

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