New York Times
July 5, 2011
European bankers and officials said Tuesday that they had not given up on their effort to help sort out Greece’s finances, a day after a major ratings agency said it would consider Greece to be in default if the plan were implemented.
“We’re continuing to work for a possible solution,” Michel Pebereau, chairman of BNP Paribas, the biggest French bank, said at the Paris Europlace conference, a gathering attended by hundreds of international bankers. Both the French and German banks have put proposals forward, he said, and “If those doesn’t work out, we’ll come up with something else.”
Several other bankers said the important thing was that banks had begun to work together to solve the crisis, and the fact that the stakes were so big meant they would find a way forward.
“Everyone here is anxious,” said one executive with the French unit of a major American financial institution, who said he was not authorized to speak on the record. “Everyone is interconnected. It’s not just a problem for Greece. All the banks are nervous and strongly desire a solution.”
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