EurActiv Logo
EU news & policy debates
- across languages -
Click here for EU news »
EurActiv.com Network

BROWSE ALL SECTIONS

Dijsselbloem confirms need for third Greek bail out

Printer-friendly version
Send by email
Published 05 September 2013

Greece's financial troubles will not end in 2014 and it is therefore realistic to expect the debt-laden country will need additional money from the eurozone before it can return to markets, the head of eurozone finance ministers said today (5 September).

International lenders estimate that Greece will need around €10-11 billion from the second half of 2014 to keep it going next year and in 2015.

But several eurozone governments are reluctant to extend any further loans because of negative public opinion, with voters tired of bailing out other countries after three years of the sovereign debt crisis.

"As far as the potential need for a third programme for Greece is concerned, it's clear that despite recent progress, Greece's troubles will not have been completely resolved by 2014," Jeroen Dijsselbloem told the European Parliament, during an exchange of views with the committee on economic and monetary affairs.

"It is realistic to assume that additional support will be needed beyond the programme. In this context, the Eurogroup has indicated clearly that it is committed to providing adequate support to Greece during the current programme and beyond until it has regained market access," he said.

Some form of debt relief for Athens on the cards

Dijsselbloem, who is also Dutch finance minister, said that separately, once verified Greek public finance data for 2013 is available in April 2014, the eurozone may consider some further form of debt relief for Athens.

"The Eurogroup agreed last year to consider additional measures if necessary, such as further reductions of the interest rates on Greek loan facilities... if Greece were to meet precise conditions," Dijsselbloem said.

"We will not be any position to assess whether these conditions have been fully met until April next year," he said.

Meanwhile, Dijsselbloem said that Ireland will get eurozone support to smoothly exit its bailout programme at the end of this year.

"Ireland's performed very well in its programme and will exit the programme, but there will be measures to support its gradual exit," he said.

Next steps: 
  • Sept. 2013: Troika to visit Greece to assess financial programme and reforms
EurActiv.com with Reuters
The content of this field is kept private and will not be shown publicly.
Jeroen Dijsselbloem, eurogroup president
Background: 

Greece received an aid tranche of €5.8 billion from its international lenders in July. It stands to receive another €1 billion in October, subject to implementation of further reforms.

Inspectors from the "troika" – the European Commission, European Central Bank and IMF – will return to Athens in the autumn to find out whether the government needs to find further savings to meet its 2015-2016 budget targets.

More on this topic

More in this section

Advertising

Sponsors

Videos

Euro & Finance News videos

Euractiv Sidebar Video Player for use in section aware blocks.

Euro & Finance Promoted videos

Euractiv Sidebar Video Player for use in section aware blocks.

Advertising

Advertising