Emergency loans for debt-stricken Greece could run up to 90 billion euros (123 billion dollars), the German financial daily Handelsblatt reported on Wednesday, citing European sources.
“A volume of credit going up to 90 billion euros is not excluded,” the newspaper added, citing sources close to the European Commission.
Greece hopes it will not have to resort to the loans but many analysts warn it may be forced to because of its high borrowing costs on commercial markets.
Handelsblatt also quoted a German government official saying the offer of up to 30 billion euros for this year agreed on Sunday by Greece’s euro partners was only “a first step” and the total could be “at least twice as high.”
The Greek financial rescue package is expected to include credit from the International Monetary Fund although the amount has not been disclosed.
The loans would run for a period of three years and have a rate of “around five percent,” EU officials said on Sunday when they announced the deal.
Greek newspapers this week said the loans could run up to 80 billion euros, but the European Commission dismissed the figure as “pure speculation.”
