Greece is facing further financial pressure as Germany denies the six month extension request of their eurozone loan programme.
As it is, the country's finances are already in jeopardy. They are already burning cash reserves and need to find a solution before the country runs out of money by the end of March, if no bailout plan can be made the soonest time possible.
Germany led by Finance Prime Minister Wolfgang Schaeuble, EU paymaster and Greece's biggest creditor, rejected the request and sternly reacted to Greek Prime Minister Alexis Tsipras's letter.
In a statement, Finance Ministry spokesman Martin Jäger said: "The letter from Athens is not a proposal that leads to a substantial solution. In truth it goes in the direction of a bridge financing, without fulfilling the demands of the program."
In addition, Jäger said that the letter didn't meet the criteria agreed upon by the Eurogroup last Monday.
More information about the letter are yet to be revealed. This means that the conditions in which Athens is prepared to take in exchange for continued emergency loans are yet to be disclosed.
BBC's Gavin Hewitt noted that the loan rejection underlines the tension between Brussels and Berlin and the mistrust between Berlin and Athens.
Mark Lowen, also from BBC commented: "It's not yet clear which side will prevail, and which side will give ground, but clearly the hopes that Greece was moving towards a deal... have been thrown into doubt once again".
And the rift, it appears, is basically a clashing of principles and ideals. Athens wants to stop saving and start spending.
Berlin, meanwhile, believes that that's the main reason why the country's facing this financial crisis. And maintains that Greece needs to be competitive in order to achieve stable and healthy economic growth.
As of the moment, Greece's banks must now rely on the European Central Bank's controlled emergency cash funding in order to sustain the needed monetary assistance for countless of depositors withdrawing their funds. As of now, ECB increased its funding to Greek banks from €65 Billion to €68.3 Billion under their Emergency Liquidity Assistance.
However, ECB expressed that it hopes that Greece will soon find a way to introduce capital controls in order to stop the hemorrhaging of its banks.
It is estimated that €20 Billion deposits get withdrawn weekly from Greece's financial institutions.
