Wall Street Journal
June 17, 2011
Germany needs to show leadership and responsibility for Europe in solving the Greek debt crisis, Deutsche Bank Chief Executive Josef Ackermann said Friday.
In a panel discussion at a Russian investment conference, Mr. Ackermann also said that simply forcing Greece to impose austerity and reduce its budget deficit won’t solve the crisis, as it will only force the economy to contract further.
“We need an economic program, we need a Marshall Plan,” Ackermann said, referring to the massive program of mostly soft U.S. loans that were mobilized to rebuild Germany after World War II.
Mr. Ackermann acknowledged that it will be difficult to persuade the public of Europe to commit more funds to Greece, but said it is necessary for the preservation of the single currency.
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