Germany, when planning to rescue the EU currency bloc, went wrong with its estimates. The country had announced 95.3 billion euros to spend in order to support the eurozone’s struggling countries, but it was not enough. Now experts talk about a new significantly larger amount of 122 billion euros. Financiers noted that the initial sum voiced by Germany's Finance Minister Wolfgang Schaeuble included only the direct financial obligations regarding to Germanу's participation in the European Financial Stability Facility and the European Stability Mechanism. At the same time, other financial liabilities of Germany such as the bilateral credit with Greece totaling 15.2 billion euros was not taken into account. Also, the financial instability of debtor countries was out of consideration. The situation is weighed down by the fact that there is a high probability that many borrowers will not be able to pay their loans back in time. Thus, the country's budget will miss a large sum of money. “Greece presents a high risk as a country potentially in arrears because its economy suffers big problems”, the analyst said. The Budnesbank assesses the Greek authorities activity as “less satisfactory”. The Parliament elections are due in September in Germany and Angela Merkel, Germany's chancellor, wants to keep her position for the third period. Merkel rebuffed questions about additional assistance for Greece as she does not want the German taxpayers to get angry ahead of elections.
