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.
German Chancellor Angela Merkel has ruled out the possibility of offering Greece more debt relief and stated that she doesn't see "a further debt haircut" in the debt-ridden country's future.
Merkel's comments came as she and her finance minister Wolfgang Schaeuble announced that they were rejectingthe new Greek government's demands to write off part of its 320 billion euro ($360 billion) debt.
She told German's daily newspaper Die Welt: "There was already a voluntary waiver by private creditors; Greece has already been exempt from billions by the banks."
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