EU official: Greece needs another aid package

BRUSSELS, Nov. 3 (UPI) -- Greece will likely need financial aid in 2015 after it exits its current bailout package at the end of 2014, a senior European Union official said Monday.

The unidentified official said there was doubt Greece could manage without another bailout package. An aid package from EU countries expires at the end of the year, while a second, from the International Monetary Fund, ends in March 2016. Together they comprise 240 billion euros ($300 billion) in loaned money.

Eurozone finance ministers will meet Thursday, and have until Dec. 8 to decide if Greece will be allowed to exit the IMF program early, to gain access to bond markets that could keep the country afloat. An early exit would mean the end of IMF austerity mandates; the austerity program has angered many Greeks, provoking street demonstrations over stifled growth, high unemployment and growing tax burdens.

In a televised interview, Greek Prime Minister Antonis Samaras said he was negotiating a precautionary line of credit with EU leaders. Media reports last week suggesting Germany would increase economic aid were immediately denied in Berlin.