Institutions: ‘Greece Will Need A Third Aid Package’

tsipras-Aid-Package Greece will need a third bailout package this summer in order to avoid a potential default, sources close to the institutions involved in European negotiations have told German daily newspaper Die Welt.

European creditors believe that even if Greece receives the current bailout program’s 7.2 billion euros, the money will be spent by the end of August and Greek Prime Minister Alexis Tsipras will have to request Europe’s aid again.

“We cannot imagine how he will ‘sell’ this to his people when he already has a political mandate to conclude the second program,” sources close to the European creditors told Die Welt.

In addition, German Minister for Economic Affairs and Energy Sigmar Gabriel stated in an interview to German tabloid Bild on Sunday: “A third aid package for Athens is only possible if the reforms are implemented. We cannot simply send money there,” while he added that “a Greek exit would not only be highly dangerous economically but also politically.”