European Commission President: Premature to Talk About Third Greek Bailout


His belief that the time is not yet right to discuss a possible third bailout package for Greece expressed European Commission President Jean-Claude Juncker today, highlighting that the focus of the talks between Athens and its European loan partners is now drawn on Greece’s implementation of measures already agreed with the Eurozone.

“We are going to focus on implementing what was agreed in the Eurogroup,” Juncker said addressing a news conference with German Chancellor Angela Merkel, explaining that “it is premature to talk about a third program. It is speculation that is best avoided.”

Earlier, Spanish Finance Minister Luis de Guindos struck once again, saying that Greece is unlikely to be able to return to capital markets by June when the four-month extension of its bailout package expires, so it will probably need further support from its European loan partners. On Monday, de Guindos stressed that a third bailout package for Greece, amounting between 30 and 50 billion euros, is currently being envisaged by the Eurozone member-states’ Finance Ministers. As de Guindos highlighted, the terms of the third bailout program will be more flexible compared to the previous ones and will allow Athens to achieve its goals and implement reforms. Furthermore, while addressing voters in the city of Pamplona, the Spanish Finance Minister noted that from his point of view, he sees no other way for Greece beyond European solidarity.

At the same time, the European Financial Stability Facility (EFSF) has renewed scenarios regarding a new Greek bailout package, stating that the Memorandum of Understanding (MoU), on which the loan assistance to Greece depends, has no termination date, in what is seen as a clear contradiction with the newly elected Greek government’s claims that the Memoranda are over.