Axel Weber: Greece may need €80bn to survive

Greece may need as much as €80 billion ($111 billion) in financial aid if it is to avoid defaulting on its debts, a member of the governing council at the European Central Bank has claimed.

Axel Weber

Axel Weber made the comments to a meeting of German politicians, an unknown source close to the matter has told the Wall Street Journal.

According to the person, Mr Weber said “that the numbers are changing all the time” and the situation surrounding the state’s ailing finances is becoming worse.

The Bundesbank has yet to issue a statement on the comments.

Representatives from the International Monetary Fund (IMF) and ministers within the eurozone have estimated that a collective total of €45 billion worth of funding can be donated to the struggling state.

The Wall Street Journal suggested that, if Mr Weber’s comments are true, then the package of financial aid introduced to help Greece may have to be implemented in a series of stages over the next year.

Talks between the IMF and EU representatives are expected to start on Wednesday (April 20th).