The European Commission has rejected Germany’s demand that Greece  give up control over its budget policy to a special powerful EU Commissioner.

On Saturday, it emerged that Germany wants the new euro zone "budget commissioner" to have the power to veto budget decisions taken by the Greek government if they are not in line with targets set by international lenders.

According to the German plan, Greece should temporarily give up its overeignty over tax and spending decisions before it can secure further bailouts.

However, the European Commission has insisted that “executive tasks must remain the full responsibility of the Greek government, which is accountable before its citizens and its institutions,” according to international media.

The European Commission, the European Central Bank and the International Monetary Fund have already obtained unprecedented rights over spending in the debt-ridden Balkan country, as strict measures were negotiated with Athens as part of the first Greek bailout loan worth EUR 110 B.