Germany could be flexible on the timing of the reforms that Greece has to make as part of its bailout package, according to German Foreign Minister Guido Westerwelle

Westerwelle stated Sunday night, however, that the "meat" of the deal should remain unchanged.

"There can't be substantial changes to the agreements but I can imagine that we would talk about the time axes once again," declared the German Foreign Minister, as cited by The Telegraph.

"But there is no way out of the reforms," Mr Westerwelle added. "Greece must stick to what has been agreed. If we said to Greece, no matter what we agreed, it doesn't matter anymore, then we would get a problem with all the other European countries that are diligently and persistently implementing their reforms."

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