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Munich Re CEO: Renewed Greek Debt Writedown Must Be Avoided -Report

Date : 10/28/2012 @ 8:17PM
Source : Dow Jones News
Stock : Muench.Rueckvers.Vna O.N. (MUV2)
Quote : 147.5  0.0 (0.00%) @ 1:13PM
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Munich Re CEO: Renewed Greek Debt Writedown Must Be Avoided -Report

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A renewed writedown of debt owed by financially ailing Greece must be avoided or capital markets will lose all trust in governments' capability to resolve the persistent sovereign debt crisis in the euro zone, said Nikolaus von Bomhard, chief executive of Munich Re AG (MUV2.XE), the world's largest reinsurer in terms of premium revenue.

"A new haircut must not happen in the present situation, or trust will be lost completely," Mr. Bomhard is quoted as saying in an interview with weekly newspaper Frankfurter Allgemeine Sonntagszeitung.

Mr. Bomhard is also quoted as saying that exit from the euro zone by Greece bears "unforeseeable" consequences and must be avoided.

"We have absolutely no experience with failure of a euro country, its departure from the euro zone let alone from the European Union," Mr. Bomhard told the newspaper.

He added that Munich Re has prepared itself for the possibility of a crash of the single European currency.

"We don't want the euro to fall apart. We also don't think this is predominantly probable. But we are preparing for these worst cases, because it is our duty as entrepreneurs and our nature as wary insurers," Mr. Bomhard is quoted as saying.

Newspaper website: www.faz.net

-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com



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