Bloomberg News

Deutsche Bank Chief Says Still ‘Hopes’ for Greek Debt Agreement

January 16, 2012

Jan. 16 (Bloomberg) -- Deutsche Bank AG Chief Executive Officer Josef Ackermann said he “hopes” private creditors and policy makers can reach a Greek debt swap agreement after talks stalled last week over disagreements on the new bonds’ coupon.

“I think we are in a situation where everybody is trying to get the most out of it, but in the end we’ll come to an agreement,” Ackermann said on the sidelines of an event in Berlin today. “I still hope that they come to a solution because it is absolutely crucial.”

The Institute of International Finance, which is representing private creditors, is sticking to its offer of a 50 percent writedown on the face value of Greek debt, which will result in a “somewhat higher” net-present-value loss, Ackermann said.

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


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