“There was a bailout plan to save Greece in February 2010 but Germany opposed it, therefore Greece had to turn to International Monetary Fund.” Josef Ackermann, a Swiss banker and former executive officer of Deutsche Bank made the revelation in an interview to Sunday newspaper To Vima. The bailout plan was apparently designed by the Deutsche Bank and was to be implemented with the support of the German and French government before Greece was excluded from the international markets.
known for many years head of Deutsche Bank, reveals an unknown bailout of Greece in February 2010, even before the country is excluded from international markets and led eventually to the IMF.
Josef Ackermann told the newspaper that in in early 2010, when the spreads of Greek 10-year bond was at 350 units, there was a bailout plan worked out in order to give Greece valuable time and money to address it problems.
The plan was not accepted as Germany did not accept it.
This bailout was designed to save precious time for Greece and soothe the sovereign debt crisis.
“It would have been implemented with support provided by the German and the French government. However, as the bank bailouts with taxpayer money was still fresh and ahead were important regional elections (May 2010) Berlin finally appeared unwilling to participate in this bailout plan,” Ackermann said.
PS Never mind, Berlin! Two IMF-designed bailouts skyrocketed the public debt to 316.1 billion euro – should we believe the budget plan 2015 that has been submitted today.
