Report says Welteke rejects fine as too high

Ernst Welteke, who resigned as president of Germany's Bundesbank after accepting hospitality, won't pay 50,000 euros ($60,000) to end an inquiry by the Frankfurt public prosecutor, Welt am Sonntag reported.

"Such a sum is much too high and is therefore not an option," Welteke's lawyer Rainer Hamm told the newspaper.

Welteke, 61, resigned in April after being investigated for the payment by Dresdner Bank AG of a 7,661 euro hotel bill run up by Welteke and his family. German daily Bild had report