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Greek yields up on Wolfgang Schaeuble comments

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by Kay Mitchell

Germany’s Finance Minister, Wolfgang Schaeuble, has said Greece is at “risk” of default if funds are not provided soon.

In a letter dated 6 June to the European Central Bank and the International Monetary Fund (IMF), the Minister said a new package was required as the current one is “insufficient”.

“A return by Greece to the capital markets within 2012, as assumed by the current programme, seems more than unrealistic. This means the volume of the current programme is insufficient to cover Greece’s financial needs,” the letter said.

Following the release, Greece’s Government bond yields rose sharply.

Last week, European ministers and the International Monetary Fund said the fifth instalment of Greece’s €110 billion bailout loan would be paid next month.

There were concerns that the IMF may not have approved the latest tranche unless Greece’s funding gap was addressed.

There is speculation that a new, extended bail-out is being finalised, in return for new austerity measures.

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News posted: June 8, 2011

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