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Germany rejects Greek loan request as 'not substantial'

Published:Thursday | February 19, 2015 | 12:44 PM

Germany has rejected a Greek request for a six-month extension to its eurozone loan programme, after earlier signs that a compromise was possible.

Greece had sought a six-month assistance package, rather than a renewal of the existing deal that comes with tough austerity conditions.

However, a German finance ministry spokesman said it was not a substantial proposal for a solution.

The European Commission had earlier called the Greek request positive.

Greece faces the possibility of running out of money by the end of the month without a deal.