Creditors offer Greece five-month bailout extension

Creditors offer Greece five-month bailout extension
Alexis Tsipras
Greece’s creditors have proposed a five-month bailout programme extension and €15.5 billion of funding to resolve a stand-off with Prime Minister Alexis Tsipras’s government, said a European official.

The proposal by Greece’s three creditor institutions - the International Monetary Fund, the European Central Bank and the European Commission - would extend Greece’s bailout programme through November, the official told reporters in Brussels, asking not to named because negotiations are ongoing.

The proposal is dependent upon the Greek government committing to so-called prior actions to implement economic measures, the official said.

Finance chiefs will meet again on Saturday at 2 p.m. in Brussels to try and hammer out agreement on those steps, with sticking points including sales-tax rates and pensions.

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