Deutsche Bank AG Chief Executive Officer Josef Ackermann said he’s confident a voluntary swap for Greek debt can be reached and that he may travel to Athens this weekend for the talks.
Private creditors are facing a loss in net present value of more than 70 percent and the focus is now on other parties “doing their part,” not financial firms, Ackermann said today in television interviews after a press conference in Frankfurt.
An agreement could be reached “in the coming weeks, maybe days,” said Ackermann, also chairman of the Institute of International Finance. The group, based in Washington, has more than 450 financial firms as members and is representing private creditors in the talks.
The Greek government needs to reach a deal with creditors and secure a second European Union-led bailout by March 20, when it faces a 14.5 billion-euro ($19.1 billion) bond payment. While Portugal can’t be compared to Greece, if Greece “fell” the western European country could be the next on the list in terms of contagion, Ackermann said.
(source: Bloomberg)
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
