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Merkel rejects Greek government's bid for further debt relief

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.

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Hard negotiations lie ahead for new Greek government

Germany's Chancellor Angela Merkel has yet to react to the result in Greece, but her finance ministry in Berlin said there can be no new restructuring of Greece's debts - though it may be given more time to complete its current programme of reforms and repayments.

From Berlin ITV News Economics Editor Richard Edgar reports.

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