Merkel urges Greece to accept 'extraordinarily generous' offer

(BRUSSELS) - German Chancellor Angela Merkel urged Greece on Friday to accept an "extraordinarily generous" offer from its EU-IMF creditors, which includes at least 12 billion euros ($13.4 billion) in further rescue cash over the next five months.

Merkel and French President Francois Hollande asked Greek premier Alexis Tsipras to "accept the extraordinarily generous offer from the institutions," the chancellor said at a news briefing after the three leaders held a short meeting on the sidelines of an EU summit.

Greece's creditors proposed a five-month, 12-billion-euro ($13.4-billion) bailout extension if Athens agrees to reforms in a key debt deal, a negotiating document seen by AFP said Friday.

The offer "goes beyond the conditions of the second rescue programme," said the chancellor, whose views are seen as decisive in negotiations with Greece over its bailout, the second since 2010.

The proposal "is based as always on the same principal: solidarity on one hand, efforts by those concerned on the other," she said.

"Now we can only hope that internal dealings on the Greek side are carried out... with all those concerned in these discussions have such a solution at heart," she said.