BADEN-BADEN, Germany, Oct. 24 (Reuters)—Munich Re backs the idea of using insurance to help resolve Europe's sovereign debt crisis, a board member of the world's biggest reinsurer said on Monday.
“Munich Re supports the proposal to use the €726 billion ($1 trillion) of EFSF funds to insure sovereign debt,” Munich Re board member Ludger Arnoldussen told a journalist briefing. The EFSF is Europe's debt crisis rescue fund.
“It's a good way of addressing the immediate problems,” he said, adding that the idea, which is modeled on credit insurance and has been pushed by Allianz, would help mobilize private investment into sovereign debt.
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