LONDON (AFP) - The European single currency fell against the dollar on Monday as traders were unconvinced by a multi-billion-dollar Greek rescue package from the European Union and the International Monetary Fund. The euro sank to 1.3320 dollars, from 1.3384 dollars in New York late on Friday, when it had hit a one-year low at 1.3202 dollars. Against the Japanese unit, the dollar rose to 94.12 yen from 93.97 yen. In the bond market on Monday, the yield or rate of return on benchmark Greek government 10-year bonds soared above 9.0 percent for the first time since the nation joined the eurozone in 2001. Greece formally asked last Friday for a 45-billion-euro (60-billion-dollar) EU-IMF loan plan to be activated to help the country out of its increasing debt and deficit crises. Fridays request by Greece for help with its funding crisis has caused the euro to pull back from its lows, said analyst Michael Hewson at financial spread-betting firm CMC Markets. However, relief has been tempered by the fact that Germany has insisted that any aid will have to be conditional on tougher terms over new austerity measures. There is concern in Germany that any aid will not be a one off measure. So now we move to the next stage of the crisis, Hewson said. German Foreign Minister Guido Westerwelle said on Monday that Berlin opposes handing over financial aid to Greece without Athens first presenting a credible programme of debt reduction. Making promises of concrete aid too soon will only have the effect of taking the pressure off Greece, Westerwelle said on his arrival for talks with his fellow EU foreign ministers in Luxembourg. Above all, we need to see budget consolidation taking place in Greece, otherwise Athens will not be obliged to act with the necessary application and discipline, he warned. In a further twist, Hewson noted that other countries with enormous debt piles would meanwhile be asked to contribute to the EU-IMF Greek bailout. The bailout money, if approved, will be contributed in the form of loans from member governments according to the size of their EU contributions, Hewson said. This means that Ireland, Portugal and Spain will have to find money which they dont have to bailout a country that misrepresented the size of its deficit. Greece has seen its cost of borrowing soar as investors, fearing a default, have demanded greater risk premiums, which in turn has pushed the countrys debt even higher. The Greek problems have hit the single currency hard, plunging the eurozone into the most serious crisis of its 11-year history. The dollar was meanwhile supported on Monday as robust US data pointed to an ongoing economic recovery. Sales of newly constructed single-family homes in the United States jumped nearly 27 percent in March compared with February. In London trade on Monday, the euro was at 1.3320 dollars against 1.3384 dollars on Friday, at 125.36 yen (125.65), 0.8615 pounds (0.8701) and 1.4343 Swiss francs (1.4350). The dollar stood at 94.12 yen (93.91) and 1.0767 Swiss francs (1.0724). The pound was at 1.5461 dollars (1.5379). On the London Bullion Market, the price of gold rose to 1,155.50 dollars an ounce from 1,139.50 dollars an ounce on Friday.