IMF says no fresh discussions on third bailout for Greece but failing economy makes them inevitable

IMF spokesman Gerry Rice told the press today there have been no discussions on a new IMF program for Greece.

It’s the worst-kept secret in Europe that Greece doesn’t have enough money and given that 2014 is expected to be the seventh consecutive year of recession, you can bet they will need more. At the moment, talking about is taboo because of the German election but reports like this show the unbelievable pain in the economy.

Some 40,000 small businesses in Greece are likely to close in the second half of 2013 at a cost of up to 90,000 jobs despite a major bank rescue program implemented before the summer, a study published Tuesday warned.