Germany rejects bailout proposal of Greece

It held back, however, on offering to continue in full a series of budget cuts and reforms that the euro zone has required since 2010 in exchange for loans, but that Greece blames for devastating its economy.

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Germany was quick to say the plan was not good enough. German finance ministry spokesman Martin Jaeger said it “is not a substantial proposal for a solution.’’

He said it amounts to a request “for bridge financing without fulfilling the demands of the (bailout) programme,’’ namely the budget measures.