Banks Ready to Kill Greek Bailout

Tuesday, October 18, 2011
By Paul Martin

247WallSt.com

Several large banks, with Deutsche Bank in the lead, are prepared to kill a bailout of Greece. Well-known DB chief Josef Ackermann says new plans to have banks take a greater burden of the aid package would cripple the industry just as it is needed most as a pillar of stability in the region. Banks hold enough Greek sovereign paper that they could end rescue efforts completely.

The problems with the attempts to save Greece have seesawed back and forth between those nations that will have to fund much of the new loans to the southern European country and financial firms that have been asked to take write-offs on old loans. The trouble becomes more complex because banks may have to be bailed out themselves if their balance sheets are hurt badly enough by the latest proposed Greek bailout.

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