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Germany rejects Greek proposal as 'no substantial solution'

[BERLIN] Germany on Thursday rejected a request by Greece to its European partners for a six-month extension to its EU loan programme, saying it was "not a substantial proposal for a solution".

"The letter from Athens is not a substantial proposal for a solution," said a spokesman for German Finance Minister Wolfgang Schaeuble in a short statement.

"In truth it aims at bridge financing, without meeting the requirements of the programme. The letter does not meet the criteria agreed upon in the Eurogroup on Monday."

Debt-wracked Greece has sent a make-or-break request to extend its European loan programme that expires at the end of the month, but demanding to end hated austerity measures.

Germany has repeatedly poured cold water on offering Greece more time outside the current arrangement, especially the austerity commitments, arguing that any extension of loans was "inextricably" linked to the reforms earlier agreed by Athens.

Eurozone finance ministers set five conditions at their talks Monday for continuing their financial support to Athens, including a pledge not to reverse previously accepted reforms.

Other conditions include that Athens should not undertake new reforms that would burden Greece's public finances, and a commitment by Athens to reimburse all its creditors.