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The German Finance Minister admits that Greece will need a third rescue

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The Finance Minister of Germany, Wolfgang Schäuble, acknowledged Tuesday that will need a third rescue for Greece, although it ruled out a new reduction of debt. "It will have to be a new aid programme for Greece," said Schäuble during an election of his party, the Christian Democratic Union (CDU), according to the news agency EFE quoted it. However, he reiterated the position of the German Government that there will be a new reduction debt of Athens. According to the Minister, Greece need "more measures and assistance" beyond what was agreed by the Ministers of economy and finance last November. "The Greeks need until 2020 to restore the sustainability of its debt according to calculations we did," said Schäuble specifying that these calculations "were extremely pessimistic". "We have to help them again so they don't have to pay such high interest on its debt;" said Finance Minister explaining that "Greece is not yet on the other side". Schäuble has said in the past that international creditors may have to consider a new program of aid to Greece, once the current one expires at the end of 2014, but has never been described as inevitable, as seems to have done on Tuesday, Reuters reports. For its part, the German Chancellor, Angela Merkel, said Tuesday in an interview with the German daily Ruhr Nachrichten that "not" removes the need for a new Greek debt. He explained that, although Greece "must still change many things," there has already been "clear progress". [caption id="" align="alignnone" width="630"]The German Finance Minister admits that Greece will need a third rescue RT[/caption] Desde
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