Business & Finance

Allianz to chip in 300mn euros for Greece

FRANKFURT : German insurer Allianz will chip in 300 million euros ($436 million) to a fresh Greek rescue, the company's

Published July 3, 2011 Updated July 3, 2011 01:09pm

1 min

By Muhammad Iqbal

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"We are talking about a financing commitment of the Allianz Group of about 300 million euros by 2014," Michael Diekmann told Der Spiegel in an interview.

Germany's Finance Minister Wolfgang Schaeuble had said on Thursday that the country's financial institutions will contribute 3.2 billion euros, agreeing to roll over at least their Greek debt holdings that mature by 2014.

On Saturday, euro zone finance ministers agreed to disburse a further 12 billion euros to Greece and said the details of a second aid package for Athens expected to be of a similar magnitude to last year's 110 billion euro bailout would be finalised by mid-September.

Sources last week said Deutsche Bank was likely to contribute less than 1 billion euros, while Commerzbank, Germany's second-biggest lender, is likely to contribute far less than 1 billion euros.

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