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's new Prime Minister Alexis Tsipras has announced a series of measures which signalled his intent to stick to the anti-austerity pledges that saw the party win last week's election.
He has announced plans to:
The measures could set the country on course for a clash with the rest of Europe, especially Germany, which has said it will not renegotiate the aid package needed to help the country pay its debts. But Tsipras remains defiant.
Greek bank stocks have fallen by more than 22% today in a third day of turmoil following Tsipras' election success.
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