Attention Josef Ackermann: you’re confusing us.
According to a Reuters report on Thursday, the Deutsche Bank chief executive is not so sure that Greece will be able to repay its debts. He’s also somewhat skeptical about Portugal, a view shared by Greek deputy PM Theodoros Pangalos.
As Reuters reported:
Ackermann, one of Europe’s top bankers who has has helped to put together a private-sector bailout package for Greece, questioned the country’s ability to turn itself around according to a transcript of the Maybrit Illner talkshow, which is set to be broadcast on German television ZDF on Thursday evening.
…
Thanks to a $1 trillion rescue package assembled to stabilise the euro, Ackermann believes Italy and Spain will be “strong enough, to service their debt,” limiting the probability of so-called contagion but added that in the case of Portugal things are more “difficult.”
But hang on just a minute here: as Reuters pointed out, Ackermann himself helped put together a bailout package for Greece, and has publicly declared his support for the Hellenic Republic.
As FT Alphaville flagged earlier in May:
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
If Ackermann has doubts about Greek solvency, shouldn’t he be actively cutting back Deutsche’s exposure to the sovereign?
Of course, this isn’t the first instance of Ackermann doublespeak. Back in December 2009, he told attendees at a summit in Berlin (among them, Chancellor Angela Merkel) that Greece should be considered the problem child of the European financial world, according to a report in Der Speigel.
Come on Herr Ackermann, tell us how you really feel about Greece – and how your bank is really positioned…
Related links:
Goodbye to Europe as a high-ranking power – Richard Haass / FT
Deutsche Bank chief blew whistle on IKB – FT
Greek Crisis Provides a Chorus of Discord – WSJ