Intesa Sanpaolo in the consortium of 'volunteers' for the rollover of the Greek debt

For Corrado Passera, the CEO of Intesa Sanpaolo, there are no doubts. His institution, the second largest Italian bank by capitalization, will participate in the so-called 'French scheme'. The program provides for the voluntary involvement of private creditors in the restructuring of the Greek public debt. “Intesa will do its part. As for the deadlines for the next few years, it's such a small thing that – for better or for worse – we can contribute a little”. The total exposure of the Turin bank in terms of Greek bonds is 500 million euros. The French plan, also adopted by Germany, provides for losses of up to 30% of the nominal value of the bonds. The remaining 70% of maturing bonds would instead be reconverted into thirty-year bonds.