More austerity cuts are coming to Greece as Germany signals a plan to deliver a third rescue package for the debt-stricken country. The announcement means a continuation of record levels of unemployment and a low GDP.

The Guardian reports:

The new loan, outlined in a five-page position paper by Berlin’s finance ministry, would be worth between €10bn to €20bn (£8bn-16bn), according to the German weekly Der Spiegel, which was leaked the document.

Such an amount would chime with comments made by the German finance minister, Wolfgang Schäuble, who, in a separate interview due to be published on Monday insisted that any additional aid required by Athens would be “far smaller” than the €240bn it had received so far.

“What is sure is that any further aid would be much less expansive than whatever help [has been given] so far,” he is quoted as telling the German finance magazine Wirtschaftswoche in what appears to be a calibrated move aimed at preparing public opinion.

Read more here.

— Posted by Alexander Reed Kelly.

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#angela merkel#austerity#germany#greece#imf#loan