April 19 (Bloomberg) -- Bundesbank President Axel Weber told German lawmakers that Greece may need more aid than the 30 billion euros ($40 billion) promised by the European Union as the government in Athens struggles to push through planned spending cuts, two people present at the briefing said.
Weber, citing television footage of Greek demonstrators, expressed concern that sections of the Greek population either don’t care or fail to appreciate the seriousness of the situation their debt-laden country faces, the two people said on condition of anonymity because the briefing in Berlin today was held in private.
The presentation to lawmakers from the Free Democratic Party, a partner in Chancellor Angela Merkel’s coalition, underscores concern over the likely cost of a bailout to euro- area members. Bundesbank spokeswoman Susanne Kreutzer declined to comment on Weber’s presentation.
The original plan was to provide Greece with bargain deals in regards to financing. The cheap money coupled with a stringent austerity package from the Greek government was supposed to prevent a default by that nation. It appears now some of the best and brightest of Europe think even that will work.
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