Bail out Greece, bail out German banks

Following the lead of the French banks, German banks have agreed to spend 3.2 billion euros to roll over maturing Greek bonds. It’s a gesture towards bailing out Greece that is also a “self-rescue," Handelsblatt suspects. €3.2 billion is the amount that German banks will get back between now and 2014 from Greek bonds they are currently holding and that they want to reinvest in Greece. This way they forestall "a total default on their bonds" and ensure that the interest will be indeed be paid by Athens. For Handelsblatt, "this model, which appeals to the banks, does not really help Greece," as it only puts off the final reckoning.