Greece will need a new aid plan after 2014, the year in which the current aid program agreed with the EU, the ECB and the International Monetary Fund will expire. German Finance Minister Wolfgang Schaeuble said today speaking to a group of supporters at an election rally in Hamburg.
Schaeuble rules out a new debt cut, explaining how the need for a new aid program is nothing new either for Parliament or for public opinion. "It has long since become clear that the international community will have to continue to guarantee assistance to the executive in Athens which has encountered great difficulties in tackling the path of reforms", underlined Schaeuble who during his speech made known the will of the government German not to openly take a stand. “The Greeks need to get to at least 2020 before being able to establish the sustainability of their debt – said Schaeuble – on the basis of the calculations we made at his time and which were not excessively pessimistic. We will still have to help them so that they don't have to pay high interest rates this term."
The third aid package for Greece is to cover the expected funding gap for the period 2014-2015, with figures far lower than those of previous bailouts. Last month, the International Monetary Fund estimated a funding gap of 10,9 billion euros for the period 2014-2015.
