Greece needs a new bailout?
German Finance Minister Wolfgang Shaeuble, one of Chancellor Angela Merkel’s most powerful allies, said that Greece will need another bailout: the previous rescue packages totaling 240B euro might not be enough to save the country. The amount of new money in question is likely to be far smaller than this sum.
Greek bailout is unpopular in Germany. Schaeuble's comments came at the time when the governing Christian Democratic Union (CDU) party, led by Chancellor Angela Merkel, prepares for elections (Sep. 22) alongside its current coalition partners in the Christian Social Union (CSU).
The experts from Troika (the IMF, the EU and the ECB) will visit the country in autumn to see if further cuts and reforms are needed to help Greece reduce its debts.