BREAKING NEWS

German banks agree to Greek financing

By ASSOCIATED PRESS

MAY 7, 2010 16:30

A group of German banks and other financial companies have agreed to provide €8.1 billion ($10.3 billion) in financing to Greece.

The German Finance Ministry said in a statement Friday that the commitment was a follow-up on a public pledge made Tuesday by Deutsche Bank AG and other companies to help Greece weather its financial crisis.

The ministry said the companies would provide €4.8 billion in financing to replace Greek bonds expiring by May 6, 2013, and €3.3 billion for lines of credit that expire May 6, 2010 until at least May 6, 2013.

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