German Banks Near Greek Plan as Ackermann Aims to Avoid Meltdown
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German financial companies pushed toward an agreement to roll over their Greek debt holdings as Deutsche Bank AG Chief Executive Officer Josef Ackermann predicted banks would contribute to help avert a “meltdown.”
Representatives of German banks and insurers hammered out a draft proposal to present at a meeting today with Finance Minister Wolfgang Schaeuble and top industry executives, including Ackermann. The German firms, which are using a French proposal as a blueprint for discussions, are likely to commit to contributing to the Greek rescue, while calling for a Europe-wide solution, said people familiar with the plan.