Representatives from Germany's Deutsche Bank and France's BNP Paribas will be present in an unofficial capacity when the meeting of Europe's finance ministers and top politicians takes place today to thrash out a solution for the eurozone crisis gripping the region.
Representatives from Germany’s Deutsche Bank and France’s BNP Paribas will be present in an unofficial capacity when the meeting of Europe’s finance ministers and top politicians takes place today to thrash out a solution for the eurozone crisis gripping the region.
This is according to Swedish news source E24, which quotes a source with insight into the talks.
Earlier this morning it was widely reported that French president Nicolas Sarkozy and German chancellor Angela Merkel had spent seven hours negotiating a common position ahead of today’s talks in Brussels around a second bailout of Greece.
One reason the banks may be present is the reports from sources such as Reuters, stating that the idea of a banking tax linked to the development of a bailout solution has been dropped. Reuters also carries the suggestion that Deutsche Bank and BNP Paribas will be attending the meeting.
According to research from Goldman Sachs reported in InvestmentEurope last week, BNP Paribas is among the top 10 most exposed European banks to sovereign debt from Greece, Ireland, Portugal and Italy.
As a country, Germany is estimated by Goldman Sachs to have the second biggest exposure to Greek sovereign debt behind the Greeks themselves, with a similar situation regarding Irish, Portuguese and Spanish sovereign debt.
France has the second highest exposure to Italian sovereign debt behind Italy itself, the investment bank’s figures suggest.