21 Aug 2013

Another bailout for Greece foreseen by German minister

8:04 am on 21 August 2013

German finance minister Wolfgang Schaeuble says Greece will need another bailout to plug a forthcoming funding gap.

Germans are paying the lion's share of the bailouts to European countries.

Chancellor Angela Merkel said recently it was too early to talk about new funding.

But Mr Schaeuble on Tuesday told an election rally: "There will have to be another programme in Greece."

The BBC reports the amount of new money in question is likely to be far smaller than the 240 billion euros already granted by the International Monetary Fund, the European Central Bank and the European Union.

The IMF last month estimated Greece will need around 11 billion euros in 2014-15.