Schaeuble: Greece Needs Third Bailout

German finance minister Wolfgang Schaeuble has said Greece will have to be given another bailout.

Speaking at an election event in northern Germany, he said: "There will have to be another programme in Greece."

It would be the third time international lenders have stepped in with a rescue package for the country.

However, Mr Schaeuble reiterated the government's stance, saying that there will be no debt haircut for Athens.

In the past the finance minister has said that international lenders may have to consider a new aid programme for Greece after the current one expires at the end of 2014, but he has never described this as inevitable.

The comments come following the release of figures that confirmed Greece was still is recession in the second quarter.

Though the data showed it had eased slightly, the government needs to boost tax revenues in order to meet its current bailout targets.

The Greek economy has slumped 23% since 2008, leading to the country's need for financial assistance.

Greece received its first bailout from the European Union and International Monetary Fund in 2010 and another followed, taking the current aid programme to a total of €240bn.

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