Greece Requires 3rd Aid Package – Germany

Germany’s finance minister admitted for the first time on Tuesday that Greece would need a third aid package, as a source in Athens said the sums involved in any new deal would be far smaller than previous rescues.

“There will have to be another programme in Greece,” Wolfgang Schaeuble told a campaign audience in northern Germany, in comments that raised prospect of a step that could be deeply unpopular domestically just five weeks before national elections.

In Athens, a Greek finance ministry official told Reuters a new bailout would focus on plugging an expected funding shortfall over 2014-2016.

“Greece and its lenders are examining several ways to plug any funding gap that Greece will face over the next few years,” the official said on condition of anonymity.

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