Germany: Greece will need €120bn bailout

The International Monetary Fund (IMF)'s bailout of Greece will be worth between €10bn (£8.7bn)and €120bn, German politicians said following a meeting with IMF managing director Dominique Strauss-Kahn today.

Reuters reports that Juergen Trittin, a parliamentary leader for the Greens, says German lawmakers have been told Greece should be taken off financial markets for three years. "The [bailout] package will run over three years," Trittin says. "Greece should be removed de facto from financial markets for three years." A senior member of the opposition Social Democrats (SPD) also confirmed details of the plan. The IMF and the European Central Bank (ECB) rejected a demand from some German lawmakers that banks be included in a rescue package for Greece, said a member of Chancellor Ang...