Well, here’s one more happy German buyer of Greek bonds. Deutsche Bank’s CEO Josef Ackermann publicly declared his support for Greek sovereign debt on Tuesday.
Flashes, via Reuters:
RTRS – DEUTSCHE BANK CEO SAYS IMPORTANT TO EXTINGUISH FIRE IN GREECE
RTRS – DEUTSCHE BANK CEO SAYS WE WILL PARTICIPATE IN HELPING GREECE, ARE KEEPING CREDIT LINES OPEN FOR GREEK BANKS
RTRS – DEUTSCHE BANK CEO SAYS WILL MAINTAIN CREDIT LINES TO GREEK GOVERNMENT
RTRS – DEUTSCHE BANK CEO SAYS FINANCIAL SECTOR AIMS TO PROLONG GREEK BOND HOLDINGS
The news follows reports from Reuters last Friday that Germany’s private sector was joining forces to put together its own rescue package for Greece — the idea being that a European bailout would prove pointless without the financial industry on board to support the measures.
Deutsche’s Ackermann was reported to be spear-heading the move. Although some media reports suggested it was potentially under duress from political leaders rather than sheer benevolence from the German banking institution.
All of which is great news for Greece.
Although, we note, it’s not such great news for Deutsche Bank, whose shares were down 2.5 per cent on Tuesday, notably underperforming the DAX which was down 0.78 per cent at pixel time.
Germany seeks private sector support for Greek aid – FT
ECB extends financial lifeline to Greece – FT