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Why Germany rejected Greece’s ‘Trojan horse’ offer

The battle of the leaked documents in Europe continues.

The Germans’ reasons for refusing to accept Greece’s offer Thursday has now been leaked.

The German letter says the Greek letter from this morning, offering a compromise, “represents a Trojan horse” which looks to end the current bailout program and acquire bridge financing (which is what the Greeks have been asking for all along).

The letter below is all about semantics. If you look at point two, the Germans are demanding very specific language. They want the Greeks to agree to call the deal an extension of the current program, which the Greeks have continued to maintain that they won’t do.

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