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German chancellor Angela Merkel doesn’t see a fresh debt haircut for Greece. This is different than an assessment from the German Bundesbank and stands in contrast to the funding gap that the IMF sees.

It’s important to remember that there are elections in Germany on September 22nd. Also her finance minister made similar comments recently.

The incumbent chancellor said Germany will reassess the situation in early 2014 in an interview with FAZ. This is the time that the Bundesbank sees a third bailout for Greece.

Merkel would like the crisis in Greece to remain away from the election campaign. The bailouts are not popular in Germany.

Opinion:  Worsening Eurozone debt levels could see September Euro sell-off