Germany's Banks Agree To Help Greece

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Photo: Wikimedia Commons

German banks have agreed to volunteer and support Greece by rolling over their Greek debt, according to Bloomberg.Finance Minister Wolfgang Schäuble announced that a deal had been reached moments ago. It will see German banks join French banks in supporting Greece. The two countries’ banking sectors own more Greek debt than any other countries.

Details on the deal are thus far limited, but Deutsche Bank Chief Josef Ackermann says the support will be “substantial.”

This private sector involvement will be part of the announced second bailout for Greece, the details of which could come through as soon as this weekend, barring any sort of failure in the current Greek austerity vote.

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