Bloomberg News

IIF Chairman Ackermann Says Greek Swap Results to Help Euro Area

March 09, 2012

Josef Ackermann, the chairman of the Institute of International Finance, said the results of a swap of Greek sovereign debt, announced earlier today, will help contribute to restoring stability in the euro area.

“The very strong and positive result provides a major opportunity now for Greece to move ahead with its economic reform program, while strengthening the euro area’s ability to create an economic environment of stability and growth,” said Ackermann, who is also chairman of Deutsche Bank AG (DBK), in an emailed statement.

“The successful completion of the debt exchange will contribute meaningfully to facilitating the official financing for Greece and help Greece to carry out necessary reforms to set the basis for economic recovery. These are important steps towards resolving the Greek debt crisis, addressing the overall fiscal and sovereign debt problems in the euro area, and restoring financial stability, which is essential to foster economic growth and job creation.”

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