ECB Says Greek Bailout Will Fall Short

LUXEMBOURG - Greece will need to pass fresh budget cuts next year to hit the targets set by its international creditors, a senior European Central Bank official said on Oct. 14, setting the stage for another clash with Athens over how much austerity the country can bear. ECB Executive Board member Jorg Asmussen, appointed last year from the German Finance Ministry, also said Greece's international creditors will need to do more to cover the country's financing needs, starting from mid-2014. He put the figure at additional ?5 billion to ?6 billion ($6.8 billion to $8.1 billion) - the first time a senior European official has stated such figures publicly, although in line with earlier, unofficial estimates made by others.

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