May 13, 2011
The European Union warned Friday that Greece's already massive debt is growing much faster than forecast, putting pressure on the region's finance chiefs to come up with new support for the country at their get-together next week.
Until a few days ago it looked as if the main objective of this month's meeting of EU finance ministers was to sign off on a euro78 billion ($111 billion) aid package for Portugal. But admissions that Greece's euro110 billion rescue plan agreed last year is failing to restore investor confidence have brought the focus back on Athens.
Several EU officials have hinted in recent days that Greece may need a second bailout to plug financial shortfalls in 2012 and 2013, but stressed that any new help would only come in return for further austerity measures and economic reforms.
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