Germany has rejected a request by Greece to its European partners for a six-month extension to its EU loan programme, saying it was "not a substantial proposal for a solution".
"The letter from Athens is not a substantial proposal for a solution," said a spokesman for German Finance Minister Wolfgang Schaeuble.
"In truth it aims at bridge financing, without meeting the requirements of the programme. The letter does not meet the criteria agreed upon in the Eurogroup on Monday."
Earlier, the EU said a request by Greece to extend its bailout loan agreement with its European partners marks a big step towards achieving a much-needed compromise to end the row.
European Commission President Jean-Claude Juncker "sees in this letter (from the Greek government) a positive sign which could pave the way for a reasonable compromise in the interest of financial stability in the euro area as a whole", his spokesman Margaritis Schinas told a news briefing.
Greece formally asked the EU for a six-month loan extension, hoping to avoid default and draft a new deal with its creditors.
Eurogroup chief Jeroen Dijsselbloem said on his Twitter account that he had received the request, without giving further details.
Athens is trying to sidestep the restrictions of its bailout, but a number of eurozone hardliners, including Germany, were expected to resist the move.
"Our proposition will be written in such a way that it will cover both the demands of the Greek side and the head of the Eurogroup," Greek Finance Minister Yanis Varoufakis told reporters yesterday.
Eurozone finance ministers will hold a special meeting tomorrow to decide on the Greek request.
Europe and Greece are racing to reach a deal to avoid a Greek exit from the eurozone, after talks in Brussels ended in acrimony on Monday with both sides digging in their heels.
The European phase of Greece's EU-IMF bailout expires on 28 February.
Athens needs to find €11.9bn for bond repayments to the IMF and the European Central Bank by August.
Athens is under mounting pressure to reach a deal to forestall a bank liquidity shortage and lasting damage to its fragile economic recovery.
The European Central Bank yesterday decided to extend and increase the amount of emergency liquidity available to Greek banks to €68.3bn.
The decision to raise the ceiling by only €3.3bn, however, was seen by analysts as pressure from the ECB for Athens to clinch a deal and reverse a rise in deposit outflows which could spark a funding crisis.
The new radical government of Prime Minister Alexis Tsipras that came to power last month wants to reverse many of the fiscal reform obligations tied to the EU-IMF rescue packages which have been keeping the country afloat since 2010.
The government has halted privatisations and promised to increase wages and roll back labour market reforms.
Minister for Finance Michael Noonan has said it seems that progress has been made in relation to Greece's loan programme.
He said he had not yet seen the Greek letter but he understood that it set out "some conditionality".
If a resolution can be found at tomorrow's finance ministers' meeting, he said the first step is that the Greek government and Greek banks remain solvent.
Then it would be a period of maybe four months where more detailed negotiations would take place to see if a fuller settlement could be arrived at.
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