Financial Times
June 22, 2011
Chancellor Angela Merkel of Germany admitted her government faces a difficult task to get private creditors involved in a Greek rescue, as eurozone governments kicked off talks with banks and insurers on how to engineer a debt rollover.
Representatives of Germany’s biggest financial institutions including Deutsche Bank, Allianz and Munich Re were invited to talks in Frankfurt on Wednesday. The meeting, with officials below ministerial level in the finance ministry, was described as a “working level” encounter and was unlikely to bring any agreement on private sector help.
French and Dutch governments also met financial sector representatives for talks.
Germany wants banks, insurers and other bondholders to support a fresh package of financial help for Athens as a sign to the country that taxpayers will not be exposed to the whole risk of the bailout.
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