Germany says Greek proposals are insufficient. Germany has thrown a major spanner in the works, rejecting the proposals put forward by Greece.
Martin Jaeger, a spokesman for the German finance ministry, said in a statement:
The letter from Athens is not a proposal that leads to a substantial solution.
In truth it goes in the direction of a bridge financing, without fulfilling the demands of the programme. The letter does not meet the criteria agreed by the eurogroup on Monday.
The European Commission has welcomed the bailout extension request from Greece, claiming it could pave the way for compromise and stability in the eurozone.
A spokesman for Jean-Claude Juncker, EC President, said:
President Juncker sees this letter as a positive sign which, in his assessment, could pave the way for a reasonable compromise in the interest of the financial stability in the euro as a whole.
The detailed assessment of the letter and the response is now up to the eurogroup.
griechenlandsolidarität 