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Banks Are Committed to Greek Debt Agreement, BdB’s Schmitz Says

Lenders remain committed to an agreement to voluntarily accept a 50 percent writedown on their Greek government bonds, Andreas Schmitz, president of the Association of German Banks, said today.

The agreement between financial companies and European leaders to cut Greece’s debt load shows banks’ “constructive and active” role in solving the sovereign debt crisis, Schmitz said in a speech at the Euro Finance Week conference in Frankfurt.

To contact the editor responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net

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