NEGOTIATIONS:THE PRESIDENT of the International Monetary Fund (IMF) Dominique Strauss-Kahn refused to be drawn yesterday on reports that Greece will need €120 billion over the next three years to prevent a default.

He was in Berlin with European Central Bank (ECB) president Jean-Claude Trichet to discuss the Greece rescue package, the level of which has, until now, been €45 billion.

“We are in negotiations with the Greek authorities and nothing can be said about the content of this negotiation,” said Mr Strauss-Kahn.

“This cannot be available until the negotiation is ended. We hope, all of us, that it will not take too much time.”

German officials said the IMF president had told them Berlin would have to stump up €25 billion over three years as part of a €120 billion rescue fund.

German economic minister Rainer Brüderle has admitted that the total cost of the rescue package is likely to be worth far more than the €45 billion mentioned to date.

Mr Strauss-Kahn refused to be drawn on figures, insisting that Greece needed loans, not hand-outs. Any plan went beyond aiding Greece and was about maintaining confidence in the euro zone as a whole, he said.

Backing him up, ECB president Jean-Claude Trichet urged European leaders to deliver a quick deal. “The rapidity of decisions are essential based on a courageous programme that would work over time on a multi-year basis,” he said.

He said talks with Greece on its finances would be finished “in few days, by the end of the week”.

Berlin has made its assistance to Greece dependent on a successful conclusion of these talks. German finance minister Wolfgang Schäuble said yesterday he was anxious to help Greece “as soon as possible” and that necessary legislation could be passed within the week.

Mr Trichet praised Germany’s “fast procedures” but added that it was “extremely important” that any decision taken on Greece be made “very rapidly”. All eyes are on Berlin and, in particular, whether Chancellor Merkel can prevent politicians getting cold feet over a ballooning rescue deal.

With the euro zone confidence crisis spreading to Spain, it’s clear that a Greek bailout will have to be signed ahead of a big state election on May 9th in North-Rhine Westphalia. The poll has been billed as a crucial test of the popularity of Chancellor Merkel’s ruling Christian Democrats (CDU).