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Warning on Greek bailout costs

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Warning on Greek bailout costs

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Greece’s borrowing costs hit new highs on Tuesday driven by concerns it may need more money than previously anticipated to bail it out.

European Central Bank Governing Council member Axel Weber has reportedly said Greece’s debt situation is worsening and it might need as much as 80 billion euros in the coming years to avoid default.

At the same time there was a sharp rise in Greek unemployment. The jobless rate rose to 11.3 percent in January from 10.2 percent in December.