German Finance Minister Says 11 Billion in Greek Aid Not Unrealistic

German Finance Minister Wolfgang Schaeuble said an estimate by the International Monetary Fund that Greece will need an additional 11 billion euros to see it through to 2015 was “not completely unrealistic.”

Schaeuble provoked a storm last week when he said more explicitly than before that Greece would need a third bailout, going much further than Chancellor Angela Merkel had done. The government then sought to play down his remark.

“The estimate of 11 billion euros is not completely unrealistic. At any rate we are talking about a fraction of the amount of previous bailouts. A lot has been achieved already, but Greece is still in a crisis of adjustment,” he told the Passauer Neue Presse newspaper in an interview published in its Wednesday edition.

He ruled out the possibility of any additional debt write-down.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.