Germany rejects Greek bailout extension

BRUSSELS, Feb. 19 (UPI) -- A Greek request for an extension on repaying a $273 billion bailout loan was rejected Thursday by Germany.

The bailout of 240 billion euros is due to be repaid by the end of February, and a default would leave the Greek government without financing. Greek banks would be unable to borrow from the European Central Bank, a scenario that could force Greece to leave the eurozone of countries employing the euro as their currency, and shaking the financial foundation of Europe.

"The letter from Athens (requesting the extension) doesn't offer a substantial proposal for a solution. In reality, it aims for a bridging loan without meeting the terms of the (bailout) program," Martin Jaeger, spokesman for German Finance Minister Wolfgang Schäuble, said in a statement. Eurozone ministers will meet again in Brussels Friday, days after talks with Greek Finance Minister Yanis Varoufakis ended in bitterness. The face-to-face scheduled meeting is seen as an indication of a vast gulf between Greek and other Eurozone interests. Greek Prime Minister Alexis Tsipras, whose party was elected several weeks ago on a platform of reducing austerity measures caused by adhering to rules that came with the bailout, has been seen retreating from his pledges to end the belt-tightening in Greece.