Statements by Dr Ackermann and Mr Dallara on behalf of the IIF on the new Greek agreement

27 October 2011

Dr Josef Ackermann, Chairman of the Board of Directors of the Institute of International Finance and Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG, today confirmed his full support for the voluntary agreement reached last night between euro area leaders and the IIF on a new Greek debt deal.

Dr Ackermann stated: “We are very pleased with the agreement reached. It was appropriate for all parties to move on the July 21 decisions in light of the changed circumstances. The Greek economy has weakened considerably since that time and the different parties are taking additional difficult measures to lay the basis for stabilisation and renewed growth. European leaders are also doing more, as all parties have recognised that not only the future of Greece but the future of Europe was at stake. The outcome is a good one for Greece, Europe and the investors, and we look forward to its early implementation.”

Mr Charles Dallara, IIF Managing Director, said: “This voluntary substantial reduction in Greek debt by the private sector, along with additional official support, provides an historical opportunity for Greece to revitalise its economy and reap the benefits of the difficult measures the Greek people have undertaken. We look forward to working with the Greek and European authorities to translate this framework into a concrete agreement that can deliver an early reduction in Greece’s debt and place it squarely on a path towards debt sustainability. Throughout the process we have enjoyed strong support from the IIF’s Board of Directors and from many leaders of other financial institutions.”

Press release

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