Let's Not Talk About How Much More German Money Greece Needs For Another Two-And-A-Half Weeks Or So

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There will be no third Greek bailout until after Angela Merkel is safely reelected later this month. Once that's in the bag, though, there's no time to waste, because the IMF has instituted a very sensible rule for dealing with immediate crises.

The euro zone is likely to decide on a third bailout for Greece in November, after international inspectors finish an assessment of Greece's struggles to carry out painful reforms, officials said on Thursday.

The International Monetary Fund and Greece estimate that Athens will need 10-11 billion euros in new financing in 2014- 2015 above what the euro zone and the International Monetary Fund have agreed to so far…..

Greece has already had two international bailouts since 2010, and more money for it is controversial in Germany which has elections on September 22. Voters there are tired of helping others after three years of the sovereign debt crisis.

Greece will not need any additional funds until the second half of 2014, but a decision must be taken in November at the latest because the IMF can only participate in the Greek bailout if the program is fully funded 12 months ahead.

"As far as the potential need for a third program for Greece is concerned, it's clear that despite recent progress, Greece's troubles will not have been completely resolved by 2014," Eurogroup President Jeroen Dijsselbloem told the European Parliament on Thursday.

Decision on third Greek bailout set for November: officials [Reuters]

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Greece Doesn't Need You!

Greece doesn't need any of you! Greece's finance minister on Thursday denied a report citing the country's representative to the IMF as saying Athens would need a third bailout package. The euro weakened against the dollar on the report, which was later also denied by the official quoted in the article and came as international inspectors are mulling handing over the next tranche of Greece's second aid package. "The country's positions are formulated by the Prime Minister and the Finance Minister," Greek Finance Minister Yannis Stournaras told Reuters in response to the Dow Jones/Wall Street Journal report. The article quoted Thanos Catsambas, Alternate Executive Director at the IMF Executive Board representing Greece, as saying the country would need a third bailout from European creditors. It also reported Greece could not bridge a funding gap and had met only 22 percent of targets for the second bailout...Catsambas issued a statement saying the article included "at least three important inaccuracies". [Reuters]