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Amsterdam - The European bail-out fund should be doubled to €1 500bn ($2.15 trillion) if politicians want private sector investors to participate in a second bail-out package for Greece, a European Central Bank governing council director said.
Nout Wellink told Dutch newspaper Het Financieele Dagblad that a new Greek aid package would carry so many uncertainties and risks that a doubling in the bail-out fund would be necessary to take into account the contagion risk for both Ireland and Portugal.
"If you take these risks, you need to build a safety net," Wellink, who is also the outgoing Dutch central bank president, was quoted as saying on Thursday.
"It should go to €1 500bn and there should be more flexibility in how the money can be spent."
The euro fell to a three-week low of $1.4113 after the report.
