Tuesday, December 13, 2011

Greece To Build Development Bank Based On Germany's KfW

Germany and Greece will begin talks next week on plans to establish a development bank in Greece modelled after Germany'sReconstruction Credit Institute (KfW), the two countries' economy ministries announced on Tuesday.

"It is a new step in order to [provide] liquidity and finance the Greek market," Greece's Economy Minister, Michalis Chrysochoidis, told reporters. " This lack of liquidity is a vital problem of Greece and so we need this liquidity."

Dow Jones Newswires