Germany Rumoured To Be Considering Greek 3rd Aid Package

Greece may be in line for its third aid package from European Union paymaster Germany, according to a report by influential German magazine Der Spiegel.

Germany’s finance ministry, led by minister Wolfgang Schaeuble, has prepared a five-page plan for a new 10-20 billion euros ($13.5-$27 billion) aid package for the struggling Mediterranean state, according to the report in Der Spiegel which has been denied by the ministry.

The ministry told CNBC that it would wait to see how the current program was running and discuss further actions later this year.

The plan includes a “limited follow-up program” to the two bailouts worth 237 billion euros, which have already been received by Greece from the troika of international lenders including the European Central Bank (ECB), European Commission and International Monetary Fund (IMF).

Such a plan might not be popular in Germany, which has been the biggest euro zone contributor to bailing out Greece, Portugal, Ireland and Spain during the crisis.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza