A top German official says German banks are ready to contribute to the Greek bailout.

Thursday, Germany's Finance Minister Wolfgang Schaeuble said some German banks are willing to offer new loans to Greece instead of demanding immediate payment when repayment is due on billions of dollars worth of existing loans.

The voluntary plan was announced after consultations between German government officials and key bankers. Some details remain to be worked out, but the plan is said to be similar to one announced by France on Monday.

French and German banks are among the biggest holders of Greek debt.