Debt crisis live: Greece will need third bail-out 15.32 Attention has switched to Greece again, but zerohedge reminds us what's coming later this afternoon. 15.05 More from that WSJ report: Catsambas says that the previous Greek coalition under Lucas Papademos estimated that only 22pc of its austerity commitments were implemented. If true, that would mean that there is still a huge amount of cuts to be made in Greece. 14.54 Greece will need another bail-out, according to Thanos Catsambas, an IMF alternate executive director speaking to the Wall Street Journal: Greece will require additional financing, which may take the form either of official-sector involvement or of additional loans, hopefully on more favorable terms. Catsambas has extensive experience of negotiations between Greece and the troika, so his warning should carry some weight. 14.49 Dow Jones is reporting that an IMF official has said that Greece will need a third bail-out. We'll bring you more on that as we have it. 14.36 US markets have opened for the day. Earlier they were forecast to move downwards, but they've been mixed in early trading, with some small gains. Dick Green of Briefing.com said: "Expectations lean towards an announcement of a third round of quantitative easing." The Dow Jones has lost 0.02pc, the S&P 500 has gained 0.21pc and the Nasdaq is 0.03pc higher. 14.28 The outcome of the Dutch election looks unlikely to affect the 2013 budget, and therefore should have little fiscal impact in the short term, Fitch Ratings says: Despite the strong showing by the two centrist parties recent history suggests that forming a coalition could still take some time, possibly as much as three to four months. This would reduce the possibility of significant changes to the 2013 budget, which have to be made by January. This eases concerns that there will be a prolonged period without a credible plan to ensure that the deficit is below 3pc of GDP, consistent with stabilising the government debt to GDP ratio. The fact that a minority coalition and three opposition parties were able to secure agreement on a deficit-reduction plan after the fall of the ruling coalition in April underlined the broad political consensus around fiscal policy, which we think still exists. Combined with historically broad public support for fiscal discipline, which the election result appears to have reinforced, this has been a ratings strength. 14.18 We had some commentary from the ECB's Ewald Nowotny earlier on (10.24), where he welcomed the central bank's new role as a banking supervisor. Reuters now reports that he's also called for a ban on high-frequency trading. He said that the practice of using computer algorithms to conduct automatic trades at high speed with little or no human intervention had "no really demonstrable advantage." 13.51 Greek unions have called an anti-austerity strike for September 26. 12.54 G20 GDP grew just 0.6pc in the second quarter, compared to 0.7pc over the previous three months, according to data from the OECD. Growth accelerated in the second quarter of 2012 in Brazil (to 0.4pc compared with 0.1pc in the previous quarter), China (from 1.6pc to 1.8pc), Indonesia (from 1.4pc to 1.6pc), South Africa (from 0.7pc to 0.8pc), and Turkey (from -0.1pc to 1.8pc). Growth slowed strongly in Australia (to 0.6pc compared with 1.4pc), in Japan (0.2pc compared with 1.3pc) and in Korea (to 0.3pc compared with 0.9pc). The UK has a contraction of 0.5pc, after a 0.3pc slide in the first quarter. 12.34 Kathleen Brooks of Forex.com reminds us that attention will increasingly focus on the US Fed this afternoon: Today is all about Bernanke and the FOMC meeting that concludes later today. The main questions the markets want answered is 1, will we get more QE this month, 2, what form will it take, and 3, what size will it be? The markets seem to have made up their mind on the first question the Fed will act because of the unambiguously bad payrolls data in August and also after Bernanke's defence of conventional QE at the Jackson Hole conference last month. We tend to agree that if the Fed doesn't announce more QE today then it could be accused of leading the markets on, but the big unknown is how large the programme will be and if it will follow the same format as QE 1 and 2. Obviously if Bernanke doesn't announce QE later today then expect a sell-off across all global asset classes and for the US dollar to soar. 11.59 The Bank of Italy's chief has said that ECB bond-buying conditions won't be linked to new austerity measures, but will be dependent upon "progress in a given direction." We'll bring you more detail on that as we have it.