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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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The IMF is 'ready to continue supporting Greece'

The International Monetary Fund (IMF) is ready to continue supporting Greece and looks forward to talks with the country's new government, IMF chief Christine Lagarde said.

"We stand ready to continue supporting Greece, and look forward to discussions with the new government," Lagarde said in a statement.

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