German Chancellor Angela Merkel ruled out the possibility of offering Greece more debt relief on Saturday and stated that she doesn't see "a further debt haircut" in the debt-ridden country's future.
The decision came as a blow to the new Greek government as they had promised voters that they would put anti-austerity measures in place and demand neighbouring countries to write off part of its 320 billion euro ($360 billion) debt.
We are right outside the Presidential palace, where Alexis Tsipras just walked in for his meeting with the President, at which he will be asked to form a government.
Having done that deal with coalition partners this morning, that formality will be completed. There will then be a swearing in ceremony - conducted by the Archbishop Ieronymos of Athens.
Tsipras has asked that it not be religious in nature as he is an atheist, making him the first to take a purely political oath as leader.
He will then go to a memorial to victims of the Nazis during World War Two, before getting on with the business of running the country - which will start later this afternoon.
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