WSJ: Greece may need two more aid packages, says ECB's Coene

11 September 2013

Greece's official lenders could need to step in twice more to help the country as it very slowly recovers from its economic crisis, Luc Coene, the president of Belgium's National Bank, said in a radio interview.

"It's clear that we are not…at the end of the Greek problem for the moment. We will have to make some extra efforts—certainly once, perhaps twice—we will see how the situation evolves", he told Belgium radio station RTBL.

Mr Coene said that Greece is seeing an improvement in its economic situation but it is "very slow" and it will take "a lot more time" to sort out Greece's problems. However, he said the challenges in Greece no longer place the "whole edifice" of the eurozone at risk.

There has been broad recognition that the eurozone will have to stump up extra money to help Greece overcome a financing gap toward the end of the year with German Finance Minister Wolfgang Schäuble admitting last month a third bailout will be needed.

Greece is drawing on a €200 billion bailout from the eurozone and a €40 billion package from the International Monetary Fund.

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