Greece Anticipates Smaller Bailout Package in 2014 Without Austerity

Greek Finance Minister Yannis Stournaras indicated that if Greece requires a new bailout in 2014, it would be a significantly smaller package, around 10 billion euros. Stournaras stated to Greek newspaper Proto Thema that any future support would be "much smaller than the previous programmes" and would proceed "without new terms," as austerity commitments are already set until 2016. He also dismissed the possibility of further debt cancellation. Since the start of its financial crisis, Greece has received two aid programs from eurozone allies and the International Monetary Fund (IMF). The first, in May 2010, was for 110 billion euros, and the second, in February 2012, provided 140 billion euros until July 2014. In 2012, Greece's debt to private creditors was reduced by 107 billion euros. German Finance Minister Wolfgang Schaeuble previously suggested Athens would need another rescue after 2014, but later clarified that "the sums involved will be much smaller than before." The IMF estimated last month that Greece would need around 11 billion euros in assistance for 2014 and 2015.