German banks join France in its involvement in Greece's bailout plan

The German Federation of Private Banks will contribute to the bailout plan aimed at the rescue of Greece from bankruptcy, stated the Head of the Federation, Michael Kemmer before a German newspaper. The Federation managed by him, holds €10 - 20 bn of Greece's debt, announced AFP, quoted by BNR (Bulgarian National Radio). A spokesman of the Federal Ministry of Finance specified, in turn, that there are ongoing discussions with private creditors on their possible participation in Greece's bailout plan. In return, Athens must do everything within its powers to deal with the present crisis, highlighted Kemmer. Until now, German banks claimed compensations in exchange for their involvement which were refused by the Minister of Finance of the Federal Republic of Germany, Wolfgang Schäuble.

According to German Chancellor, Angela Merkel, Eurozone member-states must give Greece time to find a solution for an exit from the debt crisis, warning that debt restructuring can have severe consequences. "It is in Europe's common interest to give time to Greece," stated Merkel in an interview. "We must take into account the secondary effects of restructuring,'' commented the Chancellor. "We still lack the financial tools to conduct such an event in order to know for sure that many, many people in Europe will not be misled," added Merkel.

France announced that French banks and insurance companies are willing to participate in the future bailout plan. Besides, on Wednesday, the authorities of Euroarea countries launched negotiations on this topic with Greek private creditors - mainly banks and insurers. The new Finance Minister of Greece, Evangelos Venizelos, said he expected Greek banks and social funds to join voluntarily the programme for the re-schedule of payments until 2015.

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