Berlin has flatly denied a Spiegel report claiming that German federal government is was ready to allocate 20 billion euros in development aid to Greece if the latter honors its bailout commitments.

According to the leading German news magazine, the Greek economy “tanked” after leftist SYRIZA easily assumed power this past week. Increased outflows of deposits from Greece banks were among the figures cited by Spiegel.

However, sources at the German ministry of Finance dismissed the Spiegel report and warned that Berlin not only won’t consider providing more assistance to Greece, but quite the opposite, it’s considering a stricter response to Friday’s proclamations by new Greek FinMin Yanis Varoufakis.