With the US teetering on the brink, IMF Chief Christine Lagarde warns of a massive disruption to the global economy if the US debt ceiling isn't lifted this week. Aside from that, Eurozone and the EU finance ministers meet today in Luxembourg. Carsten Brzeski, Senior Economist at ING, says everyone still has faith that the Americans will come to a deal, but that their reputation has been tarnished and says Greece will definitely need a third package as their debt still doesn't look sustainable.

SHOWS: BRUSSELS, BELGIUM (REUTERS - ACCESS ALL) (OCTOBER 14, 2013)

1. ING, SENIOR ECONOMIST, CARSTEN BRZEKSI SAYING:

JOURNALIST ASKING CARSTEN BRZESKI: 'Let's start with Eurogroup. Is anyone expecting anything significant to come out of this meeting?'

CARSTEN BRZESKI: 'No, not significant but I think they really have to pave the road for another rescue package for Greece. It's Groundhog Day again, Greece is coming back and we do see that Greece needs more money. They will have a funding gap next year in 2014 and we have this never-ending discussion about debt sustainability, still again on the table for Greece. So this will keep us busy, not only tonight but in the coming weeks.'

JOURNALIST: 'Alright. So will we get a third package and will we get a bail-in?'

CARSTEN BRZESKI: 'I guess we will definitely get a third package here but I don't think we're going to see a bail-in, at least not next year. I think what they will try to do is again, lengthen the current loans, maybe try to lower the interest rate that the Greek have to pay on the interest on the loan. That is how they again, want to buy some more time. Debt forgiveness or another big wave of debt restructuring is not on the table right now because no one really wants it. Still, if you look over the next five years, I think this issue will come back because it's still - Greek debt still doesn't look sustainable. '

JOURNALIST: 'Decisive week in Germany, of course. Merkel speaks the SPD into the Greens. Who should she do a deal with and what would be best for Europe? '

CARSTEN BRZESKI: 'I think it should be for Europe, any of these two options would be the best thing. The worst thing for Europe would be a minority government by Merkel just doing it on her own because both the SPD and the Greens are pro-European. I think with the any of these two in government, Europe could cheer. We will see more European investment and we should see more steps towards European integration. I think for Europe, any of these two outcomes is a good outcome.'

JOURNALIST: 'Alright. And just to finish up with, let's go back to the U.S. As they celebrate Columbus Day, I know the markets aren't closed. 17th is coming up, what's your take on it now?'

CARSTEN BRZESKI: 'Again, I think like everyone, no one wants to think in this worst-case scenario. So everyone thinks including us that they will find a deal, they will make a deal to at least to lift the debt ceiling for a couple of days, maybe weeks and that they learn the European lessons to always kick down the can further down the road.'

JOURNALIST: 'And has the reputation of the country been tarnished and does that actually matter to the market?'

CARSTEN BRZESKI: 'I think the reputation has been tarnished, but again, it doesn't seem to matter for markets. As long as they find a deal, apparently markets still believe in the strength of the US economy. But I think that the Americans should not play with fire for too long.'