German magazine ” Der Spiegel” reported on Saturday that Germany is preparing a new aid package for Greece . According to a five-page document of the German Finance Ministry presented in the magazine the new package will be in the range of 10 to 20 billion euros.
This aid package is expected to force the Greek government to proceed with new measures and reforms and help the country meet its borrowing needs for the next two years. However, it won’t have the form of a third memorandum in order to avoid political reactions.
According to the article, the new aid package will be released before European Elections in May. At the same time, it is estimated that there will be an extension of repayment of the current debt with lower interest rates.
A spokesman for the German Finance Ministry denied these allegations saying that “there is no new situation,”and referred to previous statements by the German Finance Minister, Wolfgang Schaeuble. The German Minister had claimed that there could be a possible refinancing but any new package would be far smaller than the aid granted so far.
Since 2010 Greece has received two aid packages of 240 billion euros from the International Monetary Fund (IMF) and the euro zone. According to an EU official, Greece is not in urgent need of funds. A new aid package will only be provided when Greece repays its debt.
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