German finance ministry: Second Greek debt cut not on the agenda

The German finance ministry has responded to better-than-expected Greek GDP data out this morning, saying that a second debt haircut is not on the table.

The Greek figures come at a critical time for German politics, as much of the public are against further aid for the stricken country - a key issue on the agenda in the run-up to September elections.

Finance ministry spokesmen Martin Kotthaus and Georg Streiter said that Greece is making good progress, and that the Greek programme would run until the end of next year. After this, they said, it would be hard to say what will happen.

The spokesmen said they were not aware of a report from the Bundesbank published in Der Spiegel that said Greece would need another aid payment by the end of 2014 at the latest.