Chairman: Others should chip in on Greece

Munich - The chairman of a group of international creditors says the private sector is being very generous in offering to take losses on Greek government bonds and others should follow suit.

Deutsche Bank CEO Josef Ackermann - who is also the board chairman of the Institute of International Finance - said Saturday that "the private sector at least is extremely generous in offering a loss of over 70 percent now" on the value of Greek bonds.

He added: "I can only ask other constituencies to do the same." He didn't specify whom he meant but calls have been growing for the European Central Bank and others to take losses on their holdings.

Germany, Europe's biggest economy, has been resisting calls for the public sector to make a further contribution.