Today, Greece put on the table a proposal that embraced its debt obligations, but asked European partners for a six months extension. But in the last few minutes, Germany said no. The German Finance Ministry's quote: "The letter from Athens is not a proposal that leads to a substantial solution."
We were on the line from Brussels with Economist Elena Panaritis, who is advising the Greek government in these negotiations, when the news came from Germany's finance ministry.
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Just before that statement hit the financial wires, Panaritis talked about Greece's hopes for a resolution that would avoid a default, keep Greece in the Euro, and prevent a wave of global financial uncertainty.