The German Minister of Finances Wolfgang Schäuble commented that “there is no loan agreement for Greece, there is a bailout program” in response to rumors circulating on Tuesday that the Greek government plans to apply for an extension.

Mr. Schäuble told German state broadcaster ZDF that there is no question about extending the credit program, but whether the Greek bailout program would be fulfilled or not.

In another interview for the ARD television station, Mr. Schäuble stated that he is expecting specific, sustainable and binding proposals from Greece and that so far he has not even received the beginning of an answer.

The German Minister further stressed that while painful and at a huge cost, the path which Greece has taken in the past years is “the correct path” that “will lead to success”.