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EU Official: Greece Needs Extra $20-Billion

Giuseppe Finocchiaro, Getty Images

Greece already needs another big bailout, but now a European Union official says it needs to be $20 billion more than has been discussed.

Greece is close to a deal with private investors to reduce its debt burden by about $130 billion. That and a commitment to enact deep spending cuts are needed to secure a $170 billion bailout from Greece’s European partners and the International Monetary Fund. But international debt inspectors calculate another $20 billion is needed to bring Greece’s debt down to a manageable level, considered to be 120 percent of the country’s economic output.

A European Union official says the extra money should come either from the other eurozone countries or by having the European Central bank, its national counterparts and state-owned banks taking a loss on their Greek bond holdings.

Germany’s finance minister said today that he doesn’t see the need for “any extra contributions from the public sector,” adding, “we’re carrying everything anyway.”

 

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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