Ackermann giving back what Greek haircut took.
By Stelios Orphanides
Bank of Cyprus chairman Josef Ackermann said that he assumed a role in Cyprus's largest lender in order to give back to the Cypriot society after he played a role in Greece's 2011 debt restructuring which wiped out large amount of bank equity making a bailout necessary, the New York Times reported.
Back then, Ackermann chaired the International Institute of Finance, a business group representing large investment banks, including Deutsche Bank, Goldman Sachs and Morgan Stanley, which was involved in the negotiations that led to debt relief for Greece, the New York Times reported, in an interviewwith the Bank of Cyprus chairman.
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