Greece’s creditors are to propose a five-month bailout program extension and 16.3 billion euros of funding to resolve a standoff with Prime Minister Alexis Tsipras’ government, says a Reuters report. 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 program through November, the official told reporters in Brussels, asking to remain anonymous because negotiations are ongoing. However, the money will be available in four tranches in exchange for measures and reforms, according to Reuters. Meanwhile, Tsipras is expected to return to Athens on Friday evening after the Eurozone summit and hold an emergency cabinet meeting to discuss negotiation developments and Saturday’s critical Eurogroup session. Tsipras asked that all ministers be present, even Foreign Affairs Minister Nikos Kotzias who has to return from Montenegro where he was on an official visit. German Chancellor Angela Merkel advised the Greek prime minister to accept the creditors’ deal because it is generous and there is no Plan B for Athens if it rejects the new proposal.
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