Germany seeks private sector support for Greek aid

Article reports that German banks and insurers would meet Wolfgang Schäuble, the finance minister, on the 4 May 2010 in an effort to encourage private-sector support across Europe for the €110bn Greek aid package agreed by the eurozone and International Monetary Fund on the 2 May 2010.

As Berlin set about securing parliamentary approval for its initial €8.4bn loan to Athens, Mr Schäuble said eurozone finance ministers had agreed to seek 'the earliest and strongest possible' involvement of the private sector.

On the 4 May 2010 the heads of leading German banks and insurance companies confirmed that they would support the rescue package for Greece by keeping open all existing credit lines to the government and Greek banks, and not selling Greek bonds for the duration of the three-year programme.

ESO: Background information: Germans consider private bail-out http://www.europeansources.info/record/germans-consider-private-bail-out/

Deutsche Welle, 3.5.10: Merkel defends 22-billion-euro bailout for Athens http://www.dw-world.de/dw/article/0,,5533385,00.html

BBC News, 3.5.10: Greece crisis: German cabinet backs bail-out package http://news.bbc.co.uk/1/hi/business/10095083.stm

ESO: Background information: Eurozone agrees €110bn Greece loans http://www.europeansources.info/record/eurozone-agrees-e110bn-greece-loans/

Deutsche Welle, 4.5.10: German state-owned savings banks plead exception to Greek bailout http://www.dw-world.de/dw/article/0,,5536659,00.html

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