Germany’s finance minister warns Greece will need a third bailout

Wolfgang Schaeuble Germany’s finance minister has said Greece will have to be given more financial assistance.

During talks at an election event in northern Germany, he said: “There will have to be another programme in Greece.”

This will be the third time international lenders have had to step in with a rescue package and bail out Greece.

However, Mr Schaeuble also restated the government’s stance on the matter, saying that there will be no debt haircut for Athens.

The finance minister has previously hinted that international lenders might have to consider a new aid programme for Greece when the current one ends in 2014, but now he says it is a fact and is inevitable.

These comments follow the release of figures confirming Greece was still in recession during the second quarter; and although data reflected it had eased some, the Greek government will need boost tax revenues in order to meet the current bailout targets.

The Greek economy has reportedly slumped by 23 per cent since 2008, which is why the country requires further assistance.

The current aid programme received by Greece in the previous two bailouts amounts to €240bn.

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