Greece Needs Third Bail-out, Admits German Finance Minister

Officials hunt for plan B to bag bail out

Economists have long predicted a third rescue package for Greece, which is struggling to control its mounting debt burden as its economy shrinks under tough austerity measures.Photo: Reuters By Denise Roland Comments His comments mark a surprise departure from those of his government colleagues, who have been careful to play down the deeply unpopular prospect in the run-up to German elections in September. “There will have to be another programme in Greece,” said Mr Schaeuble, addressing a campaign audience in northern Germany. However he maintained that, despite this, there would be no further debt haircut for Athens. Just hours before Mr Schaeuble spoke, German Chancellor Angela Merkel was quoted in a regional newspaper dismissing questions about further aid for Greece, saying there was no point in discussing the matter until its second package expires at the end of next year. However, economists have long predicted a third rescue package for Greece, which is struggling to control its mounting debt burden as the economy shrinks under tough austerity measures. Opposition leaders, who have relentlessly accused the government of hiding the truth about Greece, pounced on the finance minister’s comments. Peer Steinbrueck, leader of Germany’s Social Democrat Party, declared it was “time that Frau Merkel tells people the truth”. Juergen Tritten, head of the country’s Green party, also seized the opportunity to hit out at the Chancellor. Related Articles
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Greece could ask for bail-out number three: German finance minister warns previous rescue packages worth £205BILLION won’t be enough

Trouble: Greece could need yet more bail out money, it has been warned

Wolfgang Schaeuble, one of Chancellor Angela Merkels most powerful allies, warned that the previous rescue packages totalling 205billion will not be enough to save the stricken country. There will have to be another programme in Greece, he said. Trouble: Greece could need yet more bail out money, it has been warned His warning was echoed by former Greek Finance Minister George Papaconstantinou who said a further bailout could be required. Warning: German Finance Minister Wolfgang Schaeuble said Greece’s 205billion will not be enough The comments triggered alarm across the single currency bloc and made a mockery of claims that the crisis in the eurozone is over. The Camerons chillaxing (again) in Cornwall: ‘Bad back’ doesn’t stop Prime Minister enjoying FOURTH holiday this year – in his favourite navy polo shirt (again) Official figures last week showed the eurozone economy grew by 0.3 per cent between April and June ending 18 months of recession. However, the recovery was driven by Germany, and countries such as Italy, Spain, the Netherlands and Greece remained stuck in the mire. Unemployment is at or close to record highs across the region with millions of youngsters out of work. The prospect of a third Greek bailout has been something of a taboo subject in Germany ahead of elections next month. Ms Merkel has tried to keep Greece out of the campaign to avoid angering Germans who fear they will be forced to foot the bill. It is thought that Greece will face a new funding shortfall at the end of 2014 when the current rescue package expires. But a third rescue package is likely to be far smaller than the first two.
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Investors bail out as India’s rupee crisis deepens

An Indian shopkeeper counts rupees at a local market in New Delhi on August 17, 2013 © AFP Raveendran

But it is their most recent step stealthily announced late Wednesday on the eve of a national holiday that has fanned the deepest consternation. The central bank sharply tightened controls on the amount of money firms and individuals can send abroad. An Indian worker talks on a mobile while sitting on onion bags at a wholesale market yard in Hyderabad, August 17, 2013 AFP Noah Seelam The move looked to observers like a disturbing throwback to the days before India unleashed its economic liberalisation drive in the early 1990s when Indians access to foreign exchange was strictly limited. Confederation of Indian Industry president Kris Gopalakrishnan criticised the move as retrograde. While the capital controls only apply to local individuals and firms, the restrictions may raise worries among overseas investors that they could be extended to foreign companies operating in India, analysts say. Under the new policy, Indian individuals can send just $75,000 out of the country annually, down from $200,000 making it tougher to pay childrens overseas university fees, for example. Companies can invest abroad only 100 percent of their net worth, down from 400 percent though the central bank says firms can ship out more money if they give authorities a good reason for doing so. While the authorities aim to reduce foreign-exchange volatility, we fear they may end up sending a panic signal, Nomura economist Sonal Varma said.
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To answer that fan question: Did Tim McGraw bail Randy Travis out of jail?

Randy Jail

This week we are scheduled to launch a brand new site that has been in the planning for several months. In the meantime the main news site will remain unavailable, but you can still take out a PDF subscription to the paper, visit our shop, take out shares, or donate to the Fighting Fund using the links below. Thanks for your support and patience while we prepare for our relaunch. If you have a general query our phone lines are available from 9am-4pm Monday to Friday. Ring (020) 8510-0815 for the switchboard, or email Current Issue Morning Star Subscriptions Access each days edition in full in PDF format. Twenty-four hours access is available for a pound.
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Diplomat Tactical Bail-Out Bag

“To answer that fan question” is the part of NashvilleGab where I take the sometimes funny things readers have ended up on the website searching for and actually try to answer them in a somewhat coherent way. So yesterday was a huge day in Randy Travis news and a day I’m sure he’d happily forget if the world would just let him. Don’t see that happening anytime soon. Anyway, ever since news hit that Randy had been released from jail, I’ve seen a steady stream of people coming here because they were searching for info about Tim McGraw posting Randy’s bail. I hadn’t heard anything about this so I figured I’d go and do some snooping since you never know, maybeTim had posted Randy’s $21,500 bail and I was just the last to know. The two did sing a duet on Randy’s 25th anniversary album so maybe they’re old buddies. So off I went to get to the bottom of the mystery. That’s when I came across this photo from Chris Jennings of the AP. Ohhhh, OK, I see what’s probably happening.There’s also this video of Randy being released from jail (and another here ) so I’m thinking that people may have seen the picture or the video or other pictures floating around the web, seen the resemblance the guy in tan has to Tim, and had a case of mistaken identity. So, if you seen the guy above, that’s not Tim. Now it’s still possible that Tim posted bail behind the scenes and out of the public eye, I don’t have any info about that, but just based on the picture above, I’d say no.
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