The precedent set by the restructuring of Greek sovereign debt risks leaving banks more exposed to future financial crises of other countries, according to the man who helped to orchestrate the so-called “private sector involvement” in the rescue plan for Athens.
Banks and other bondholders that volunteer for a 50 per cent cut in the value of Greek sovereign debt could set a precedent for other sovereign haircuts, according to Josef Ackermann, chief executive of Deutsche Bank and the eurozone’s most prominent banking figurehead.
He insisted the Greek PSI deal should be an “exception”, echoing the language of other bankers and politicians.
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