BERLIN, May 7 -- German banks and insurers agreed to offer 8.1 billion euros (10.3 billion U.S. dollars) for aid to Greece, as Parliament approved a 22.4 billion euro (28.5 billion U.S. dollars) rescue package on Friday.
German banks and insurers will maintain existing credit lines to Greece and its financial institutions until May 2013. They also will roll over 3.3 billion euros (4.2 billion U.S. dollars) in credit lines that are set to expire, according to a statement from the Finance Ministry.
The banks and insurers will also provide 4.8 billion euros (6.1 billion U.S. dollars) to replace Greek government bonds that are expiring by May 6 2013 by buying new bonds or offering other forms of financing, the statement said.
The statement called on“all German credit institutions and insurers to make contributions in helping Greece’s adjustment process.”
Companies that have publicly pledged to support the measures include Deutsche Bank and Commerzbank AG, Germany’s two biggest lenders, DZ Bank AG, HVB Group, Allianz and Munich Re. |
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