Greece Will Need Another Support Package Says ESM Chief

Mr. Regling does not exclude the possibility that Portugal may make it without further support.

However, as he noted in an interview with German newspaper Handesblatt it was fairly clear that Greece can not be refinanced through markets by issuing bonds, reaching the conclusion that another support package will be necessary.

"Greece had the most difficult beginning of all the countries in crisis, and up until now it has enforced most of the adjustment policies," he added

In the same interview the ESM chief maintained that that the billions offered by Germany to salvage crisis stricken countries are essentially guarantees, ESM shares, and loans that will be repaid over the next few years.

Mr. Regling noted also that national central banks and the ECB have profited from the crisis.

Finally, the ESM chief noted that countries in crisis have already ran three fourths of the necessary course to solvency.