July 5, 2011
In a SPIEGEL interview, Allianz CEO Michael Diekmann discusses the participation of private creditors in a new bailout for Greece, the German insurance giant's contribution to the aid package and his proposal for a long-term solution to Athens' problems.
SPIEGEL: Mr. Diekmann, the financial services industry is prepared to contribute to the new bailout package for Greece. How voluntary is this contribution?
Diekmann: It needs to be voluntary enough for rating agencies and auditors to accept it. If it isn't a voluntary contribution, it could lead to massive write-downs for the entire Greek portfolio. Then we won't simply be talking about the tranches from 2011 to 2014...
SPIEGEL: …which will have to be rescheduled in the current bailout package. The private sector is supposed to be contributing €2 billion ($2.9 billion). How much is Allianz contributing?
Diekmann: We're talking about a financial commitment from the Allianz Group of around €300 million through 2014.
SPIEGEL: But what company boss really parts with money voluntarily?
Diekmann: You can only willingly do that if your receivables are clearly more secure after the bailout than they were before.
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