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New Greek Aid Seen At 10B Euros

OettingerSpeculation that Greece will need additional rescue aid for its economy is rapidly turning toward certainty with another European Union official acknowledging it seems inevitable and will be about 10 billion euros ($13 billion) to complement two bailouts totaling $325 billlion.
Guenther Oettinger, the EU’s Energy Commissioner and a member of German Chancellor Angela Merkel’s ruling conservative party, said the third aid package should cover the years 2014 to 2016. Germany is the biggest contributor to the bailouts but Merkel has insisted on harsh austerity measures in return, infuriating Greeks.
Earlier this week, German Finance Minister Wolfgang Schaeuble said there will have to be another aid program after the current one expires next year but said there is no chance Greece will be allowed to write down its debt by imposing losses on its international lenders, the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB.) Oettinger’s comments were made to the to weekly Welt am Sonntag.
His admission about a new bailout was a surprise as Merkel faces a re-election ballot on Sept. 22 and has been keen to hold down social unrest in Greece and any hints that the country needs more aid, with the prospect that much of it could eventually be paid by taxpayers in the other 16 Eurozone countries, including Germany.

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