|Page (1) of 1 - 09/25/11||email article||print page|
Head of bank lobbying group rejects push for Greece's private investors to take larger losses
WASHINGTON (AP) ' The head of a major international bank lobbying group that has been negotiating how much the private sector should contribute to a second bailout for Greece is rejecting calls to impose steeper losses on investors.
Josef Ackermann, chairman of the Institute of International Finance, said Sunday that "it is not feasible to reopen the agreement."
Germany and several other nations have been pushing for a re-negotiation of a tentative deal reached with private creditors in July that would impose a haircut of 21 percent on government bonds maturing before 2020.
Most analysts say that the 21 percent cut in the value of bonds is not enough to make Greece's massive debt sustainable again.
Ackermann is also the CEO of Germany's Deutsche Bank, a major holder of Greek debt.