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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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New Greek government facing a tight timetable for negotiation

Time is short for Greece's new government to find room for compromise, in just two weeks time Alexis Tsipras will be heading to his first European summit.

ITV News Europe Editor James Mates has more on the tight timetable facing Greece:

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