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.
Greece swore in its new government today ending instability there for the time being but the election of the Syriza party sent shockwaves across Europe.
In an unusual pairing, the far left Syriza party joined forces with the far right Independent Greeks to form a coalition bent on putting an end to the painful austerity measures which, they say, have shattered the country's economy.
ITV News Europe Editor James Mates reports from Athens:
There are complex and contradictory ideas swirling through Germany as it digests the election in Greece. It’s a complex story.
As the Greek Prime Minister is sworn in, we take a look at the main planks of his party's economic plan for the country.
As election day looms in Greece, people affected by the country's economic struggles tell ITV News how they feel about their prospects.