2nd top German banker doubts Greece's ability to repay its debt due to low growth prospects

Published November 17, 2014

BERLIN (AP) — The chief economist of a German bank is quoted as saying that he doubts Greece's ability to repay its huge debts in an orderly fashion.

German news website Handelsblatt on Sunday reported that the Dekabank's chief economist shares the doubts voiced by Deutsche Bank AG's Chief Executive Josef Ackermann on Thursday.

Ulrich Kater was quoted as saying: "It will be very, very difficult for Greece to orderly repay its debt."

He said the country's new austerity measures and its lack of competitiveness were dooming Greece's prospects for economic growth, making debt reduction difficult.

Ackermann, CEO of Germany's biggest lender, caused outrage and nervousness on already jittery markets by publicly doubting Greece's ability to repay its debt and mentioning the possibility of a debt restructuring.

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