Euro tumbles and Greek stocks reverse gains as Germany rejects Greece deal

The euro was sent down against the dollar while Greek stocks have gone into freefall after Germany refused an offer by Greece to extend the country's bailout.

Stocks in Greece's battered stock market index had earlier been rallying following news of a letter sent by the new Greek government to its Eurozone partners officially requesting a 6 month extension of its bailout plan, that would have avoided the country running out of money in the next few weeks.

However, a spokesperson for the German government told the media that the conditions for the bailout extension had still not been met and refused the request - sending markets tumbling.

Here's the Athens Stock Exchange:

And here's the euro versus the dollar:

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