Olli Rehn: New Bailout for Greece Not the Only Option

olli-rehnEU Economic and Monetary Affairs Commissioner Olli Rehn does not rule out Greece needing a third bailout package but the country΄s lenders have other options to keep its aid programme going, a Finnish newspaper quoted him as saying.
German Finance Minister Wolfgang Schaeuble said on Tuesday that Greece will need another bailout, triggering a storm of protest from opposition parties five weeks before an election in Europe΄s biggest economy.
Greece΄s troika of lenders from the European Commission, the European Central Bank and the International Monetary Fund plan to run the rule over its aid programme in the autumn.
“Then we will also review Greece΄s programme΄s possible continuation and financing. The debt sustainability can be improved for instance by extending the loan periods,” Helsingin Sanomat quoted Rehn as saying on Wednesday.
He said the key question was Greece΄s ability to carry out the economic reforms under its current programme and its ability to run a surplus in its public finances.
Greece has received two bailouts totalling about 240 billion euros ($322 billion).
(source: Capital)


  • Kostas

    I need a euro, euro , euro

  • Tonto

    More like 16 billion of them–yesterday.

  • worldarts

    Butt out Olli and mind your own business in Nazi loving Finland!!
    Did you know In WW-2 the Finns were Hitler’s best friends.

  • Deep_Sea_Diver

    “debt sustainability can be improved for instance by extending the loan periods”.
    As every man woman & child in Greece owe 20,250 Euros each, I wonder, with the small Greek economy just how much extension that would need. Do they really believe back there in Brussels that the Greek debt is sustainable, as it seems none of the financial experts do. With a third bailout, all that will do is increase the debt even more. It does not make any sense

  • Alithia

    “Then we will also review Greece΄s programme΄s possible continuation and financing. The debt sustainability can be improved for instance by extending the loan periods,”

    60 years? 100 years?

    Let’s say it 60 years and 1% interest, on paper, that’s great, but it’s still almost 8 billion a year. Money we don’t have. Sure, that 8 billion becomes easier and easier to pay as inflation erodes it, but for the foreseable future, we don’t have it.

  • Alithia

    THEORETICALLY….an interest only for a decade and then 60-100 year payback at 1%. That is still 3.5 billion a year in intererst only.

    Also, 20,250 a year for every man woman and child does not count for the people who ACTUALLY pay for that loan. Only 1/3 of that debt will fall on families that can actually pay. So to them, it’s more like a 400,000 Euro burden.

    It’s the same argument that Democrats in the US don’t want to hear. There, only 25% of the people make the kind of money to pay their 17 trillion debt. The other 75% can keep piling on the debt and they don’t suffer one iota…until the house of cards fall apart. (and that is one reason I hate obama, the class warfare monkey)

    Democracy can be a sh!t hole of shifting the burden and taking from others. Out of 100 people voting, 51 people can legally finiancially rape the other 49.

    Like I was trying to educate a fellow Greek a few days ago….the words MORAL HAZARD seems to fly over the heads of Greeks and Americans.

  • Deep_Sea_Diver

    You make some good points on your reply

  • guy

    Did you know finns hated nazis? Did you know you are a asshole?