Germany calls for new Greece rescue package

In a letter to the European Central Bank, Wolfgang Schaeuble said under the current programme - which he criticised as "insufficient to cover Greece's financial needs" - it is unlikely Greece will return to the capital markets in 2012, reports the BBC. As such, he said a new programme is needed for Greece which is at "real risk" of default if funds are not released soon. He also suggested a bond swap to give the embattled country more time to repay debts. The comments from the German finance minister risk heightening euro debt fears. In late morning trading, all major European indi...