Brazilian finance minister calls for review of "excessive" austerity requirements for Greece

Brazilian finance minister Guido Mantega has told the Financial Times that the country would like the Greek rescue programmes to be reviewed and made more economically sustainable.

The minister was attempting to explain the country’s stance on the issue after its representative at the International Monetary Fund Paulo Nogueira Batista abstained from a vote to approve the latest tranche of aid to Greece.

Mantega said that the fiscal adjustment programmes imposed by European leaders were “excessive” and “very stringent”. The latest IMF report notes Greece is likely to need another €11bn and further debt writedowns.

Greek prime minister Antonis Samaras is currently in Washington meeting US president Barack Obama. He said this morning that Greece will make the necessary structural changes to ensure a sustainable recovery.

Also speaking this morning, Greek finance minister Yannis Stournaras said that Greece needs a primary budget surplus before it can return to the debt markets and exit the crisis.