Greece is 'likely to need third bail-out'

"Greece concluded a complex debt restructuring with private sector creditors on Friday, leading to the declaration of a "credit event" that will trigger about €3.5bn of credit default insurance payouts.

There were doubts over the exact impact of the credit default swaps, as Austria said it would need to inject up to €1bn into a state-owned bank as a result.

Even as ECB policymaker Ewald Nowotny hailed Greece's debt restructuring a "clear success", he today admitted a third aid package was a possibility.

"You have to see this very realistically," he said. "It would be negligent to rule such a thing out completely but I don't see any need for this at the moment."

at http://www.telegraph.co.uk/finance/financialcrisis/9136124/Greece-is-likely-to-need-third-bail-out.html