In for another round in the never-ending Greek story

ON Wednesday morning, German Finance Minister Wolfgang Schäuble addressed once again the German legislature and promoted a third bailout for Greece. Parliamentarians were asked to interrupt their summer holidays for the second time this year in order to deal with the ongoing matter. After a harsh debate the bailout programme, of the size of 86 billion euros (S$134.8 billion) under the European Stability Mechanism (ESM), was approved with a majority of 454 (yes) to 113 (nay) and 18 (abstention).

Mr Schäuble mentioned that he himself found arguments for and against further financial support for Greece and that one could not anticipate the future. He indicated that the Greek crisis had also resulted out of an "incomplete construction of the…