ECONOMY

German FinMin sees Greek funding gap of 4-4.5 bln euros

German Finance Minister Wolfgang Schaeuble estimated Greece’s financing gap under its current bailout progra at around 4 billion to 4.5 billion euros, a senior lawmaker from the ruling Christian Democrats (CDU) said on Monday.

Briefing reporters on Schaeuble’s comments at a session of the German parliamentary budget committee, CDU budget spokesman Norbert Barthle also said the finance minister had clearly ruled out any retroactive recapitalization of Greek banks from Europe’s permanent rescue fund.

Schaeuble recently provoked a storm by saying more explicitly than before that Greece would need a third bailout, going further than Chancellor Angela Merkel had done. [Reuters]