New Greek aid may top 100 billion euros: report

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http://www.marketwatch.com/story/greece-aid-may-top-100-billion-euros-report-2011-06-04

LOS ANGELES (MarketWatch) — Greece may need a new aid package worth more than 100 billion euros to stay afloat, far higher than what was expected, according to a report Saturday.

In a preview of a story to run Monday, the German magazine Der Spiegel said on its web site that the package — the equivalent of $145.2 billion — could be necessary if the economically ravaged nation continued to rely on foreign aid through 2013 and 2014. That comes on top of the 110 billion euros, or $160 billion, in bailout funds agreed to last year.

Greece was expected to need another 60 billion to 70 billion euros, or $87 billion to $102 billion, in further aid. But Der Spiegel says the cost will rise when Greek government bonds need follow-up financing in 2014.

A translation of the magazine shows that it cites officials from the German Treasury, plus the troika of the European Union, the European Central Bank and the International Monetary Fund. Echoing other Euro-zone officials, German Deputy Finance Minister Joerg Asmussen said a new aid program will have to involve private-sector creditors.

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1. Which will also never be paid back. nt

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2. i don't even see how it could be.

you wreck the economy, drive wages into the gutter, cut the destitute free of their life savers -- what are you gonna make an economy out of?