Reuters scoops on Germany bank plan for Greece

Reuters broke news on April 30 that Germany’s private sector was rallying behind a plan to help support debt-ridden Greece, marking the first time the rescue effort was moving beyond governments. The Frankfurt financials team got sources to reveal that Deutsche Bank CEO Josef Ackermann had responded to a request from Finance Minister Wolfgang Schaeuble and lined up support from banks and insurers. Pledges so far amount to 1-2 billion euros, one senior banking source said. Yields on Greek debt fell after the news, while shares in Deutsche Bank fell 1.8 percent to an intra-day low. Bloomberg was forced to cite Reuters while major business daily Handelsblatt’s Website made it its top story.