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Schaeuble: 'They are not out of the woods yet' (Photo: Constantine Gerontis)

Greece will need third bailout, German minister says

A month before general elections in Germany, finance minister Wolfgang Schaeuble has broken the taboo of admitting that Greece will need a third bailout when the current one runs out, in 2014.

"There will have to be another programme in Greece," Schaeuble said on Tuesday (20 August) during a campaign rally in the northern-German town of Ahrensburg.

As part of a third programme, he mentioned another lowering of the interest rates on the loans the eurozone has given to Greece.

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Schaeuble: 'They are not out of the woods yet' (Photo: Constantine Gerontis)

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