Germany, Greece Sign MOU to Help Set Up Development Bank
October 07, 2011, 9:54 AM EDTBy Brian Parkin and Marcus Bensasson
Oct. 7 (Bloomberg) -- German Economy Minister Philipp Roesler and Greek Economy Minister Mihalis Chrysohoidis signed a memorandum of understanding aimed at creating a Greek development bank to unlock and channel European Union funds.
The accord, signed today in Athens and comprising a three- point plan to help the Greek economy, will commit Germany’s KfW Group development bank to helping Greece set up the institution, which will also draw on European Investment Bank expertise, Roesler told reporters in the Greek capital.
Roesler said the purpose of the two-day trip to Athens was to “demonstrate Germany’s commitment to keeping all of the members of the euro” in the currency area. “We’re prepared to fight for the euro.”
As well as addressing EU investment finance, the MOU’s scope includes proposals to cut bureaucracy and improve legal security for foreign investors, Roesler said. Greece pledged to address German concerns about outstanding disputes with Greek companies “within days.”
Roesler also met Prime Minister George Papandreou and Finance Minister Evangelos Venizelos on the two-day trip.
--Editor: James Hertling
To contact the reporters on this story: Brian Parkin in Athens at bparkin@bloomberg.net; Marcus Bensasson in Athens at mbensasson@bloomberg.net
To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net
