This guy is one of the best bankers in the world. I have some DB shares because of this and looks at what is happening...
Ackermann Says Confident Greece Committed to Service Its Debt
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By Aaron Kirchfeld, Gabi Thesing and Elena Logutenkova
June 11 (Bloomberg) -- Deutsche Bank AG Chief Executive Officer Josef Ackermann said he is confident that Greece is committed to implement reforms that will allow it to service its debt.
Ackermann was speaking to reporters in Vienna today.
The Deutsche Bank chief said that measures introduced by Greece to reduce its budget gap have made him ``change my views'' on the country, he said to bankers in Vienna after Greek Prime Minister George Papandreou outlined his plans to turn the economy around.
Ackermann had said on May 13 that Greece may not be able to repay its debt in full, arguing it would require ``incredible efforts.''
To contact the reporter on this story: Aaron Kirchfeld in Vienna at email@example.com
Last Updated: June 11, 2010 15:27 EDT
Well from the beginning of crisis in 2007-2008 Ackermann seems to always have made pondered and objective comments that were relevant and useful for all stakeholders and not priorizing his own institution. So I would abstain from judging that he endorses Greece's program in an dishonestly interested way. If he wanted to act in pure own interest, he would have pumped up Greece in May and not now that objective data goes in the way of proving that Greece is meeting the commitments and reducing deficit at least to the extent that was determined as a condition for the loan.
Greece is actually surpassing the objectives. They overkill the deficit.
That info was out about a week ago and people didn't pay any attention to it. Why? Because people want the info spoon fed to them.
The fact that Greece has decreased deficit reduction by nearly 40% is incredible.
The DB Chief has now changed his tune and stated that Greece will be able to service its debt.
I believe NBG is now worth over $10, right now.
The bears continue pressure, but they are losing the battle. All the misinformation has failed.
The Euro will be around and people will go to work to earn Euros on their paychecks.