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Germany rejects Greek bailout proposal

Sean Sinico
February 19, 2015

Germany has rejected a Greek proposal for an extension of bailout funds. With funds rapidly dwindling, Greece is seeking additional financing, but without strict conditions likely to be imposed by the eurozone.


Germany rejected Greece's proposal Thursday for a six-month extension of its eurozone bailout funds, government officials said.

"The letter from Athens is not a substantive proposal for a solution," German Finance Ministry spokesman Martin Jäger said. "In truth it aims at bridge financing, without meeting the requirements of the program. The letter does not meet the criteria agreed upon in the Eurogroup on Monday."

Greece had earlier in the day formally submitted a request for a six-month loan extension on the part of its European creditors. The request was designed to give the indebted nation extra time to develop anti-austerity reforms.

Eurogroup President Jeroen Dijsselbloem confirmed the request had been received.

Eurozone finance ministers are scheduled to meet Friday in Brussels to consider the Greek proposal.

In making the request, Greece was attempting to secure further financing while at the same time avoiding harsh conditions that eurozone countries are likely to impose on such additional aid.

International creditors have urged Greece's new leftist government to extend its current bailout package, which expires on February 28. Greek leaders however have said they would not agree to an extension without renegotiating the conditions for the bailout.

"Our proposition will be written in such a way that it will cover both the demands of the Greek side and the head of the Eurogroup," Greek Finance Minister Yanis Varoufakis told reporters Wednesday.

Government spokesman Gavril Sakellaridis said earlier that his nation had been working closely with its eurozone partners in an effort to reach an acceptable deal, but insisted that Greece would not agree to further austerity measures as a means to secure future bailouts.

Greece needs an additional 11.9 billion euros ($13.5 billion) to finance bond repayments by August.

bw/sms (Reuters, dpa, AFP, AP)

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