Greek officials expect that the upcoming audit of public finances will show that the country will need an additional bailout from the international community to finance its debts over the coming years, according to The Wall Street Journal. On Tuesday, a senior Greek government official forecast that a June audit of Greek budgets will unveil a €60 billion shortfall on financing needs, and talks are underway with the International Monetary Fund and European Union to extend or add to the current bailout package. The country is expected to need roughly €27 billion and €32 billion in fresh aid during 2012 and 2013, respectively.
The Greek finance ministry said through a spokesperson, “The debate that is taking place is about finding a solution that is credible,” asserting that the goal was to do so “in such a way that there is no gap in covering Greek financing needs in 2012.” The ministry continued to say, “There are no specifics yet regarding the size or details of a package,” and that final agreements are expected after the June audit. A regularly scheduled meeting of Greek and international leaders opens next week.