Bathers relax at the pebble and sand beach beside turquoise waters at Porto Katsiki, on the island of Lefkada, Greece. 
Bathers relax at the pebble and sand beach beside turquoise waters at Porto Katsiki, on the island of Lefkada, Greece.  - 
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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. 

Click on the media player above to hear more.

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.

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Follow David Brancaccio at @DavidBrancaccio