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German banks industry set to help Greece sources
Saturday, 01, May 2010


Germany's private sector is clubbing together to support a rescue package for Greece, in a move that will make it easier for politicians to sell a bailout to a sceptical public ahead of a key election.Deutsche Bank (DBKGn.DE) chief executive Josef Ackermann is helping to coordinate efforts by the private sector, a senior banking source told Reuters on Friday.The consortium has pledged to contribute 1-2 billion euros ($1.33-2.66 billion) toward the effort, although no formal agreement has been struck, the source said, declining to give details on how the plan would work.

European Union and IMF aid for Greece is seen at up to 120 billion euros.Ackermann, one of Germany's top executives and chairman of the Institute of International Finance bank lobby, got involved in assembling the consortium after a conversation with German finance minister Wolfgang Schaeuble, the person said.Deutsche Bank declined to comment on the plan, which would mark the first sign of private-sector involvement in the Greek recsue.
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