Germany’s Merkel rules out debt cuts for Greece
German Chancellor Angela Merkel has ruled out the possibility of cancelling any of Greece's debt, saying banks and creditors have already made substantial cuts.
Greece's left-wing Syriza party won State power last weekend with a pledge to have half the country’s debt written off.
New Finance Minister Yanis Varoufakis has refused to work with the global institutions that are overseeing Greek debt.
The European Commission, the European Central Bank and the International Monetary Fund had agreed on a $270 billion bailout with the previous Greek government.
However, Varoufakis has already begun to roll back the austerity measures they had demanded as part of the deal.
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