German FinMin says Greece needs another aid program

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FRANKFURT, Aug. 20 -- The German Finance Minister Wolfgang Schaeuble said on Tuesday Greece is not out of woods and needs another aid program.

"There will have to be another program in Greece," Schaeuble made the remarks at an election campaign in Ahrensburg near Hamburg.

Schaeuble ruled out the possibility of a second debt restructuring for Greece, saying the first haircut was not a good experience.

In a visit to Greece last month, Schaeuble praised the economic progress and said he was impressed by what Greece had achieved in rebalancing and modernizing the economy.

Germany's finance ministry has earlier rejected speculation that Greece will need additional rescue loans from its European partners by early 2014.

New data has shown the Greek economy shrank at an annual rate of 4.6 percent in the second quarter, which was better than forecast and led some economists to predict the recession would slow down in the fourth quarter.

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