A series of other conditions have also been laid down by Germany in regards to the issue, including the caveat that Greece must be able to show that it cannot raise any money in the international capital markets before it is granted any assistance.
It also wants to see new legislation drawn up to ensure better budgetary discipline from countries operating inside the eurozone, reports the Financial Times.
European leaders are now locked in negotiations on how, or if, Greece can be helped, despite German chancellor Angela Merkel stating that financial aid to the country should only be considered as a "last resort".
Earlier this week, Italian president Silvio Berlusconi said that he was in favour of providing aid to Greece and stated that the European Union has "no reason to exist" if help is not forthcoming, reported Reuters.
By Tony Aynsley