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18jun11
Pension funds, banks face risk in new Greek rescue: Wellink
Pension funds and banks will take a big risk if they agree to take part in a new rescue plan for Greece, a European Central Bank policymaker said in a newspaper interview published on Saturday.
"Pension funds must act in the interests of their beneficiaries," said Nout Wellink, a member of the ECB's governing council, in an interview with Dutch newspaper NRC Handelsblad.
German Chancellor Angela Merkel and French President Nicolas Sarkozy said on Friday that they were united on an aid package for Greece that would include voluntary private sector participation, lifting hopes for a new Greek aid package.
Wellink, who is the outgoing president of the Dutch central bank, said while there would be pressure not to dump Greek government bonds and to extend the maturity of that debt, banks and pension funds must also consider their own customers, adding that it was "an extremely complicated case."
[Source: Reuters, Amsterdam, 18jun11]
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