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German finance minister: Greece will need more aid

August 20, 2013

BERLIN (AP) — Germany’s finance minister says Greece will need another aid program, but it won’t be granted a second debt writedown.

Finance Minister Wolfgang Schaeuble’s comments were his clearest acknowledgement yet that Athens will need more help after its current rescue program ends next year, having for long said it was likely.

So far, Greece’s European partners and the International Monetary Fund have committed 240 billion euros ($320 billion) in loans.

At an election rally Tuesday in Ahrensburg, near Hamburg, Schaeuble said: “There will have to be a program for Greece once again.”

Schaeuble didn’t specify what form that might take but insisted anew that it won’t be a second debt “haircut” following a massive debt restructuring deal agreed with private sector bondholders last year.

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