Luc Coene, an executive at the European Central Bank, warned that Greece will need additional help to balance its budget, Reuters reports. Coene, the governor of Belgium’s central bank, was optimistic that the future of the eurozone was no longer in question, claiming that the worst of the crisis is in the past.
However, he highlighted Greece’s need for between 10 and 11 billion euros to balance its budget in the second half of 2014 as evidence comes to light that now was not the time for inaction. Especially concerning in Coene’s radio interview was his referral to a potential fourth Greek bailout, saying that, “We will need to make further efforts, certainly once, perhaps twice more. We will see how the situation develops.”
Although Greece would not need the first new batch of money for over another year, action on the legal side must begin far earlier, especially if the International Monetary Fund is involved, Reuters reports. Since the IMF requires backing of the funding a full year in advance to become involved in the bailout process, the eurozone will have to make a decision on the matter by this November. The timeline was accelerated from initial estimates when some European banks refused to delay repayment of Greek government bonds.