Marcel Fratzcher, head of the German Institute of Economic Research (DIW Berlin), said the time has come to examine the third bailout package for Greece as the last tranche of the second package will not solve the country’s problems. Speaking to Bloomberg, the head of one of the foremost economic research institutes in Germany, said at least 30 – to 40-billion euros will need to support Greece over the next three years.

He said the main problem facing the Greek government at the moment is funding, while adding that the economic woes will only worsen and Greece will need a new bailout program in the summer. A third bailout program would come attached with new reforms, he forecast.

The April 24 Eurogroup meeting is something that Fratzcher doesn’t take seriously as a deadline. He states that these types of deadlines have been placed but not been strictly enforced in the past.

Moreover, he said Germany wants to help Greece and Greece needs to send its own message that it is ready to commit. He states that over the last five years the troika of Greece’s institutionals creditors have made huge demands and the Greek side has delivered less than it should have, however, Fratzcher says this isn’t the worse problem and there will be an agreement over the coming weeks.