Greece heads for third rescue

Germany's finance minister Wolfgang Schäuble let the cat out of the bag by revealing Greece was in need of yet another bail-out.

Germany's finance minister Wolfgang Schuble confirmed this week that Greece would need a third aid package in order to get on top of its towering debt load. Over the past three years, Greece has received €246bn of loans. Its economy has shrunk by a quarter in the past five years and its debt pile is expected to peak at 180% of GDP this year. Schuble's comment raised eyebrows as European policymakers had always hoped to avoid a politically contentious new aid programme, and were keeping very quiet in the run-up to German federal elections in September.

What the commentators said

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