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Schäuble to urge banks to join Greek bailout

AFP · 30 Apr 2010, 12:17

Published: 30 Apr 2010 12:17 GMT+02:00

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Schäuble has planned telephone conferences with bosses from the main German banks, probably on Sunday, once a deal has been negotiated by Greek officials, the International Monetary Fund and European Union representatives, daily Handelsblatt reported.

The business newspaper quoted sources close to the government as saying that Schäuble wants to extract "a voluntary commitment" from the banks to buy Greek debt as a "stabilisation measure" aimed at volatile financial markets.

Such a move would also help soothe German public opinion, which is currently opposed to helping Athens out of its fiscal jam.

Greece has asked the EU and IMF to activate a three-year rescue package worth €45 billion this year alone as it faces a May 19 deadline to repay €9 billion in maturing debts.

The cost of the bailout plan over three years could reach €120 billion.

Story continues below…

A new poll by the Dimap institute cited Friday by the German news television channel NTV found that 53 percent of Germans would now accept a Greek rescue if the banks took part.

Several political leaders have blamed the banks for helping stoke the Greek crisis while Berlin has been reluctant to approve a rescue plan ahead of a key state vote in North-Rhine Westphalia on May 9.

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Your comments about this article

00:21 May 1, 2010 by wmm208
Berlin got the message. Good. This is what happens when Germany does not bow down to the IMF, the Federal Reserve will use Goldman Sachs to attack the The Deutsche Bundesbank by revealing it's exposure to the fraudulent CDO market. Goldman Sachs has been accused of actively misleading its own clients over the sale of a complex $600 Trillion parcel of toxic derivatives tied to the downfall of the US Federal Reserve System, Jobs, Auto Industry, Pensions Funds, Laws, Farms, Small Business, Education System, Health Care, Government, the Constitution and Housing.

In court procedures, Goldman Sachs will attack the The Deutsche Bundesbank by revealing it's exposure to the fraudulent CDO's it sold them in the 2007 Abacus deal. All because Germany will not bailout Greece like the IMF wants, and Germany's response is that if the E.U. can't come to terms on a rescue plan, Greece will be forced to turn to the International Monetary Fund (IMF) — a move that could undermine the credibility of the euro. In the end Europe will eat each other...
19:44 May 2, 2010 by 1FCK_1FCK
Goldman Sachs controls the world. What a comforting thought…
21:49 May 2, 2010 by wmm208
They always had. Its just NEWS to you know. Welcome to the party.
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