Greece Financial Needs Exceed Creditors' Expectations, Stand at $102Bln (Süddeutsche Zeitung)

The financial needs of Greece have exceeded the amount of aid that the country's international lenders originally planned to make available to it by more that 6 billion euro ($6.6 billion) and stand at about 92 billion euro ($102 billion), the German newspaper Sueddeutsche Zeitung reported Tuesday.

At the July 12 European Commission summit, eurozone finance ministers estimated Greece's financing needs in the region of between 82 and 86 billion euro.

"Before the [German] parliamentary vote on the third aid package for Athens the proposed resolution by the Federal Ministry of Finance shows that [Greece's] financial needs have grown by a further 6.2 billion euro," the newspaper said.

On August 14, the Eurogroup approved an 86-billion-euro ($93-billion) bailout package aimed at rebuilding Greece's ailing economy.

The head of the International Monetary Fund (IMF) welcomed the Eurogroup's decision to provide financial aid to Greece in exchange for austerity reforms in the country, but insisted that debt relief was necessary to ensure the sustainability of the country's medium and long-term debt.

On Friday, the Greek parliament approved austerity measures to be implemented in exchange for a new bailout package. Some 42 lawmakers from the ruling Syriza party abstained or voted against the deal.

Later this week, the parliaments of a number of EU member states will vote on the ratification of the agreement with Greece. German lawmakers are expected to vote on Wednesday.

On August 20, Greece is due to repay $3.5 billion to the European Central Bank, one of Greece’s major lenders.
   (Sputnik)
18/8/15