German Chancellor Angela Merkel and the French President Nicolas Sarkozy agreed in their meeting today in Berlin to allow private sector investors to have a role in the second bailout for Greece.

Merkel said the Vienna Initiative would enable European leaders to reach a good deal for Greece, referring that Germany does not support any delay in the package, as mentioned on Thursday that Germany wants to postpone the bailout package for September, where she said The quicker we get a solution the better.

On the other hand, Sarkozy agreed with Merkel that there should be no delay, stating four key criteria to guarantee the success of the private creditors' participation. First, it should be voluntary; second, avert any credit event; third, backed by the ECB; and ratified as soon as possible.