Banks welcome Greece bailout, promise support

FRANKFURT, May 3 (BestGrowthStock) – International bankers welcomed
agreements by the European Union and the International Monetary
Fund (IMF) over the weekend to bail out debt-stricken Greece and
promised to do their share to support the measures.

The Institute of International Finance, a lobby group
representing some of the world’s top banks, said they support
the three-year adjustment program adopted by Greece, accompanied
by a financial support package from the euro zone and the IMF.

A senior banking source told Reuters on Friday that Deutsche
Bank Chief Executive Josef Ackermann, who is also chairman of
the IIF, is helping to coordinate efforts by the private sector
to support a rescue package for Greece. [ID:nLDE63T196]

European finance ministers triggered a record 110 billion
euro ($146.5 billion) bailout for Greece on Sunday after Athens
committed itself to years of painful austerity. [ID:nLDE64201N]

“Given the importance of contributing to the restoration of
confidence and stability in the circumstances surrounding
Greece, IIF Board members have agreed to play their part in
supporting the Greek government and Greek banks,” the IIF said.

“This will be in the collective interest of their
institutions, stakeholders, Greece, and the European and global
financial systems,” the group said, urging “all parties,
including other banks and investors, to assess the altered
situation facing Greece, as a result of the reinforced measures
and substantial support package announced”.

The Financial Times Deutschland reported on Monday that

insurers Allianz (ALVG.DE: ) and MunichRe (MUVGn.DE: ) are willing
to contribute to a Greek rescue package. [ID:nLDE6410AV]
Stock Market Money

($1=.7508 EURO)
(Editing by Hans Peters)

Banks welcome Greece bailout, promise support