Wall Street Journal
June 8, 2011
An extension of Greek sovereign debt maturities "could be a possible solution" in a potential restructuring of the country's debt, a key German banking group said Wednesday.
The BdB Association of German Banks, which represents commercial banks such as Deutsche Bank AG and Commerzbank AG, also said any Greek debt restructuring must be on a voluntary basis and musn't "relieve Greece of its responsibilities," in order that the country's efforts to cut costs, implement reforms and privatize public entities are successful.
The private sector's participation in a constructive outcome for Greece "can only be a final step in a solution that's sustainable for all parties involved", said BdB President Andreas Schmitz.
"That point hasn't yet been reached," he said.
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