German banks to contribute to Greek rescue: minister

4th May 2010, Comments 0 comments

German banks are prepared to contribute to the rescue plan for Greece, Finance Minister Wolfgang Schaeuble said Tuesday after meeting top bankers, without giving specific figures.

Reading a joint statement from bankers, Schaeuble said: "We, as representatives of the German finance sector, are prepared, together with our European colleagues... to offer a tangible and positive contribution."

"This shows we have a common responsibility," the minister stressed.

Under the agreement, the banks would subscribe to bonds being issued by the KfW state development bank to provide Germany's 22.4 billion-euro (29.4-billion-dollar) slice of the bail-out package.

After agreeing an unprecedented 110-billion-euro three-year lifeline for Greece on Sunday, the head of the eurozone finance ministers urged his colleagues to seek "voluntary contributions" from banks in their countries.

"All the ministers agreed to see, together with banking sector representatives of their respective countries, what voluntary contributions the banks" could make, Jean-Claude Juncker said.

© 2010 AFP

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