Germany Welcomes French Bank Proposals on Greek Aid Role

The German government welcomed proposals from French banks and insurers on voluntary participation in a second Greek aid package.

“The German government welcomes it when proposals come from the private sector, including those on private-creditor participation that are now coming out of France,” German Finance Ministry spokesman Martin Kreienbaum told reporters in Berlin today.

French banks and insurers proposed rolling over 70 percent of their holdings of Greek debt, President Nicolas Sarkozy said, adding that he hopes other countries will join the proposal.

For more: Germany Welcomes French Bank Proposals on Greek Aid Role - Bloomberg