Private sector to take up to 70 % losses, Ackermann says

The Institute of International Finance (IIF) has offered to take losses of almost 70 percent on Greek debt in negotiations over a private sector contribution towards a bailout, Deutsche Bank Chief Executive Josef Ackermann told N-TV.

“We have put a very attractive offer on the table,» Ackermann, who is also chairman of bank lobby group IIF, said about a proposal being discussed in Athens.

The IIF is coordinating an offer by private sector creditors, known as the Private Sector Initiative (PSI).

“That’s losses of almost 70 percent we are prepared to take,» Ackermann told German television N-TV in an interview broadcast on Friday.

“Everybody needs to make a contribution,» Ackermann said about the negotiations.


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